Having a wank.
See Jerking Off, Bashing one out etc.
Has to be said in the right context.
Having a wank = Got your porno hand out.
Often used whilst watching porn.
Liam: Hey you there? Why aren't you talking?
Dave: Hang on I've got my porno hand out!
Andrew: I had my porno hand out three times today!
Essentially means a faggot, but the word fuck is added for impact.
Armand is a babyraping fuckfaggot!!