1) A term used by idiots who tried to combine two insults to make a superior 'uber' insult, but failed miserbaly.
2) Said by Jonathon Ross when trying to say 'rank face'
3) It actually comes from the term used by the mexicans: 'el faceo wankido' which is used mainly when they are riding camels.
When you log on to facebook, the first girl you see that has updated their status, you open up a picture of her and have a wank.
"I had a facebook wank last night!"
"What's that?"
"I logged on, saw Sarah at the top of list opened up a picture of her and had a wank!"
"Sounds good!"