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1: v. a celebration, often sporadic in nature, in which an individual has overcome an obstacle that causes a great sense of pride. woot, Woo-ha!, yeah(see definition 2), any variation of fuck (especially fuck yeah), and similar meaning phrases may be included, as well as wailing upon various objects and/or people without definite purpose.

2: n. an unseen ejaculation due to an overwhelming excitement.
1: male gamer: "OH, FUCK YES, WOO, WOO, WOO!" (male gamer assaults monitor, keyboard, and mouse with flailing hands) (pwngasm as an action)

2: male gamer leaps out of seat as it performs odd, aggressive motions with its body, as if ejaculating (pwngasm as an idea)
pwngasm by Raven of the Red Sky September 16, 2008
Related Words
To have an orgasm while skiing or snowboarding on powder (fresh snow)
I'm going to powgasm all over that hill after that 5 feet of snow that just fell.

porngasm 

The act of having an extremely intense orgasm by watching favorite porn scenes while masturbating vigorously. Usually for up to an hour or more to build to eruption
1. I had a porngasm last night and knocked the laptop off the bed.
2.I watched that video of us and had a such a strong porngasm I swear I could taste you on my cum.
porngasm by Blkprep May 22, 2008
Uncontrollable elated singing often caused by the "Pong Flu" which brings out maximum ecstasy for a short duration. This is not to be related to "Ponggasm", which is when a man named "Pong" has an orgasm (during sexual intercourse with oneself)
"Oh my god, what is with all this singing?" A said.
"He must be having a Pongasm!" B replied.
Pongasm by whoamianonymous May 29, 2009