The act of creating a letter "o" in one hand while vigorously jerking it, in and out, to mimic the execution of a person yanking their penis while watching stashes of pornographic images. ie. during masturbation.

This motion could also be used to make fun of people who seem to fail at life constantly.
Person 1: *does an act of airjaculation*

Person 2: ...........Um, Why the hell did you do that?

Person 1: Because you're gay. *shakes head with disappointment*
by Paddy O' Al July 30, 2009
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