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!"
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.