a georgasm is a type of orgasm experienced whilst in the proximity of anybody who goes by the name of George. Hence the term Georg-asm. It is usually triggered by something 'George' has said or done, maybe a bad joke and BAM! you're having a georgasm.
This is a play on the surname Minogue and the word orgasm.
This term is used when doing the 2 fore mentioned actions above and getting a wave of gay pop goodness that frees you from life for a period of time.
The effects will be teary eyes, vibrating muscles, constant urge to smile and the feeling to do it all over again.