A word made popular by Life, the Universe, and Everything (a GameFAQs private social board). An alternate word for masturbate, except replacing the beginning with the word wang.
I'm gonna wangsturbate furiously to dat pic!1111 WHOAMG!111a!
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.