Portmanteau of wank + vacation.
Wank is the slang British English term for
Masturbation.
A wankation is any day(s) off taken for the sole purpose of releasing steam and
masturbating several times a day.
Applies to both males and
females.
Jane:
Hey John you've been very stressed lately, is everything
okay?
John: Yeah, my boss has been busting my balls for the quarterly report deadline coming up. Luckily, I've got a long 5 day wankation coming up next week. My target is going to be 8 times a day every day, wish me luck.
Jane: Oh John that is impressive, no one has ever sustained that many wanks in 5 days. You are one lucky guy.
*John thinking to himself: Ummm,
maybe I ask her Jane to join me, we can mutual wankation the
hell out of each other*