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1.
1. A hat one only wears for the occasion of masturbating, usually comical or unusual in nature, e.g. a jesters hat (with bells) or an oversized cowboy hat. However, any hat is acceptable to wear, as long as it is worn only for this purpose.

2. A person highly irritating in nature and low in popularity, who has deserved the indignity of being compared to an object of ill repute, in this case a wankhat.
1. Sam: "Hey New Kid, why are you wearing a spinner hubcap on your head?"

New Kid: "Oh, that's my wankhat. I just finished whacking off while reading 'Pedophile Journal Weekly'. Wow I need to clean up. Where's the shower?"

Sam: "That's well gross. You're a fucking freak. Don't ever talk to me again. I hope you fucking die."

2. Beau: "Matt, you are the biggest wankhat to ever befoul our fair civilization."

*Everyone points and laughs*

Matt: "Sob. I'm going to go write some depressing poetry and imitate a mop."

*Matt runs off crying*

*Everyone points and laughs*

All: "Jeez, what a wankhat! Hopefully he kills himself!"
by Redhead and the fat man January 16, 2009
 
2.
One who engages in extreme weeniness.
Dude, stop being such a wankhat!
by Nick Eben Macleod May 16, 2007