Chronic masturbator.

A casual invitation / threat used by an individual that is not afraid of fucking someone up.

At an event (public, private, a party, etc.) where someone speaks (small speech; gives a toast; etc.) and everyone in the audience applauds automatically--in a kiss-ass sort of way.

"Palm" refers to clapping with your hands / palms, and jockey is just a sarcastic way to refer to the audience who are applauding.