A higher degree of insult than plain old 'wanker'. Usually used when someone has done something incredibly foolish whilst someone was watching. Pronounced normally with a sarcastic inflection to maximise effect.
Two people are playing CoD MW2 and one of them is owned by his own grenade
Guy 1: OMG I just blew my self up with my Semtex!!!
Guy 2: Muwah ha ha! Fucking wankerchank!
Guy 1: Screw you man...
someone no one likes who just so happens to wank off on regular occasion and lets people know in short form an idiot. Ex: That guy just parked his car in wet cement. What a wankerspank.
bob: so man whats up
fred: bob no one likes you
bob: ... i'll wank on your face bro
fred: (to timmy) soo bobs a wankerspank