Spanking the Monkey is another term for masturbating, otherwise known as beating your meat, slapping the ham, tugging the tiger, jerkin the gerkin, or stroking the sausage.

For a male, to expose and manually massage one's aroused phallic appendage, often publicly

waxing the carrot, choking the bishop, jacking the beanstock, yankee-ing the doodle,peting the one eyed wonder weasel, waxing the wood, caulking the cracks, jacking off, wanking.

When a man masterbates or strokes his penis

When you own a giant stuffed monkey and spank him.

Taking things in to your own hand or a hand trusted by you.