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Derived from the two words, 'Wank' and 'Shaft'. 'Wank' is a slang word for 'masturbate', and 'shaft' is the shapoe of the male penis (as opposed to the female one).

'Wankshaft' is an insult, calling someone a 'wanker' and a 'dick', in one word.
Crash is a wankshaft.
by JJ January 30, 2004
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An exclamation of annoyance or terror. Also an insult.
Ah shit, I can't find my keys. Wankshaft!
You're a wankshaft. A complete and utter wankshaft.
by Ben Middlemiss July 31, 2004
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A term that indicates something being utterly pointless, like a chocolate teapot, a man who is afraid of spiders or a Palestinian passport.

The phrase coming from the idea that the shaft, the length of the male member, is solely being employed for wanking and not for procreation.

The sin of Onan, or onanism, is not now inherent in its use as it is rarely used to describe actual masterbatory practices, but more usually the extrapolation of the term wank as a noun.

Whilst the term wanker is usually used in either vitriol or as a term of endearment, the word wankshaft always implies digust and disdain.
"Hey, isn't that Piers Morgan"
"Wadda fucking wankshaft"
"How did he even get a job over here?"
"Coz he was so useful uncovering War Crimes as editor of the Mirror they thought they'd put him to good use working out if The Hoff = "American's Got Talent" - its like algebra or summit"
by RastaVari October 26, 2013
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Description of the shaft of a penis i.e. the bit that is rubbed during masterbation. Used as an insult likening the victim to the penis.
Give me back my wallet wank shaft!
by Honest John May 08, 2004
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the principle means of driving a wanking machine, as related to a wankcam, wanksparkplug, and wankignition.
"the wankshaft isn't running properly, it needs a bit of attention" - scantily clad female mechanic
by the wankshaft doctor April 17, 2003
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this is a small donkey that lives in your fore skin and eats the scrot rot of the end of your testicles
"ahhh wankshaft please remove your teeth from my tiny little testicles" - Andy
by Smokey Mcpot January 27, 2003
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