A Festival of Wank. A Proliferation of toss. An excess of jizz. A massive accumulation of useless remnants resulting from a bunch of wankers tossing all over their keyboards.
An issue which incurs intense press coverage. Frequently a trivial scandal which is blown out of proportion and causes amateur journalists to jizz themselves.
Secondary definition: A person (male or female) whose personality closely resembles the concept outlain by envisioning previously accepted definitions of the word "wankfest" (summary: a large festival of wank).