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Definitions by Professor Stupidity

Crack one out 

To lascerate your cock while 'watching videos of/imagining/looking at photos of/in the presence of' hot sexy women.

Masturbation in laymans terms.
James: "Im going home for a wank."
Tim: "haha, james is gonna crack one out, the randy bastard, remember to clean yourself up, and your mums back, dont be rubbin the cum into her back too much again".