When you sit on your hand until it goes numb, then you proceed to masturbate so it feels like you are being jerked off by a ghost, or invisible spectral force.
"Man, I was getting so bored of normal wanking I tried ghosturbating... it felt great!"
The act of masturbation when a man wraps his white bed sheets around his penis and masturbates with it around said penis until ejaculation in which doesn't take the sheet off of the penis, then the man then falls asleep with the sperm and sheet making a mold of the man's penis looking like a ghost.
Bill: Hey Jim, I ghosturbated last night and my mold was 7 inches!
Jim: I did it too, but my mold was only 5.5 inches.
A ghostburb is a suburb that has seen a decline in occupancy, where there is a high rate of homes for sale, or homes that have been abandoned.
That area used to be the bestneighborhood in the city, but the houses had so many maintenance problems their values declined, and now it is a ghostburb.