It's when you stick a dick in a toaster and get off in it and use the semen for your toast. Optionally you can play the danger wank game with it, and set it and try to get off before it pops up.
A: Hey, did you hear that Patrick did a toaster fuck?

B: Did he danger wank it too?

A: Yeah, he's in the hospital with a clogged urethra and 3rd degree burns.
by Esteban Estevez November 12, 2010
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