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Usually used to describe a male, it has several meanings.
Most commonly used to indicate disdain, dislike or just dissin´ an individual and is a replacement for other words such as prick, tosser or knob.
Also describes a person who masturbates frequently or alternatively, is a frequent masturbator.
Bob: Hey, see that guy over there, he's such a wanker.
Rob: Really ?, no wonder he's wearing glasses.
Wanker by chrisinspain September 8, 2008
Possibly a name attached to certain people tou do not like or simply a term for a person who is a general ass-hole

Also applyable to people of authority who are unliked by those they control
eg - IT teahers
Student 1 - You know our IT teachers a right wanker
Student 2 - Yeah Jarule is a real wanker he thinks he knows
something but he knows jack shit
wanker by Guy in a chair January 10, 2007
"Who's the wanker in the black oy oy"
wanker by SLI July 3, 2003

wankelrotaryengine 

A word invented by Arcturus Nova, based upon the Wankel Rotary Engine. It's a non-word, really.
* Arcturus wankelrotaryengines
British slang for "one who masturbates", usually a teen-term. Roy Keane (Manchester United Midfielder) almost beat up a nerd who called him a wanker.
The 16-year old nerd, whose dad and mum are wankers, called Roy Keane a wanker. Keane should have shoved the moped up this nerd's A**.
Wanker by Glass-Shady March 3, 2005