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An update for the 21st Century based on old Cockney rhyming slang. See Guy Ritchies 'Lock Stock and Two Smoking Barrels'.

It rhymes with wank so can either be used to mean having a wank- or a Barclay's Bank in old Cockney rhyming slang. I'm just going for a quick Tom to relieve the stresses of the day.

Or it can mean something is not very good. As below
ME- 'Clarence did you see the Coldplay Concert last night?'

CLARENCE- 'Yeah, I did but it was a load of old Tom Hank from start to finish, basically as soon as the band started playing.'
Tom Hank by Mr R Spandit January 23, 2019

A Tom Hank 

A different way of telling someone (or a group of people) that you just masturbated.
Tim: What's up Jim!?
Jim: Ah nothing much Tim, just had a Tom Hank.
Tim: I had one yesterday, they are the best. We should have one together sometime.

*Jim leaves the room*

A Tom Hank 

To pleasure oneself
He was caught having a Tom Hank
A Tom Hank by BubbaGumpShrimpy August 20, 2022

Tom Hanks Mode 

The condition of your character in a video game (such as Rainbox 6 or Call of Duty) where your character is blinded and/or stunned by a flashbang. This causes you to:

1. See the world as if it's moving slowly
2. Hear a ringing in your ears
3. Have an image burned in your eyes
4. Have general disorientation and confusion

The phrase comes from Tom Hanks' role in Saving Private Ryan, in which his character is "stunned" by the battle (explosions, dead men, etc) during the invasion of Normandy in which he displays the above symptoms. In addition to calling this experiece "Tom Hanks Mode" you may also refer to this as "getting Tom Hanksed".
Gamer 1: Dude, you didn't back me up!
Gamer 2: Sorry, man. I was in Tom Hanks Mode.

Gamer 1: You're just standing there, shoot someone!
Gamer 2: I just got Tom Hanksed, give me a break!
Tom Hanks Mode by Zoniax January 29, 2008

Tom Hanksing it 

The act of attacking a superior enemy with an ineffectual weapon, usually in a video game. In reference to the scene in Saving Private Ryan where Tom Hanks fires his pistol at an oncoming tank.
Gamer 1: You have any rockets?

Gamer 2: No, I'm Tom Hanksing it.
Tom Hanksing it by Dutch441 November 7, 2012

Tom Hanks 

Everything and Anything that guy says is funny.
Tom Hanks : I have AIDS.
Peter Griffin : HAHAHAHHAHAHAHA
Tom Hanks by Ed01010112321 November 3, 2006