a georgasm is a type of orgasm experienced whilst in the proximity of anybody who goes by the name of George. Hence the term Georg-asm. It is usually triggered by something 'George' has said or done, maybe a bad joke and BAM! you're having a georgasm.
a famous fake orgasm of Gerard Way, which he uses to get attention of female(and male) fans at concerts. usually used to start the song 'you know what they do to guys like us in prison', which is rumoured to be about prison rape.
um....can't really explain... you all know what an orgasm sounds like lol thats what a geegasm sounds like