Literally 'One who wanks' (masturbates)
Used derogatively to infer one who is unable to get any and relieve their need to wank due to gross
personality defects.
Australian (and
particularly Melburnian) usage infers one who is a
pseudo-intellectual or more generally speaking out of their arseholes in an effort to impress.
See also: Tosser, Tosspot, Pillock, jerk, arsehole, wanka, wank.