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comasturbation 

To masturbate simultaneously with at least one other person. Process includes group masturbation and mutual masturbation, but does not have to be either. Requirement is that more than one person must be involved in the masturbatory process.

Typically concludes with orgasm and/or ejaculation. Foreplay, which preludes additional sexual activities beyond masturbation, is generally not considered to be comasturbatory.
Got some friends over and the parents aren't home... Time for comasturbation!
comasturbation by G. Thomas February 26, 2007

Collasterbation 

The act in which to collaborate with one’s self
I’ve came up with many great ideas following my collasterbation session