N. A Wanket Blanket is a rag/towel that is used to wipe up all of the fluid after "wanking" or masturbating.
Person 1: Bro what is this towel in the corner for?
Person 2: Dont touch that, that's my wanket blanket!
Person 2: Dont touch that, that's my wanket blanket!
by ZStambs21 March 10, 2017