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Quite simply a 'Fantasy' that one might keep mentally stored away should they be short of any material over which to masturbate.
Etymologically speaking the word is a combination of the terms "Wank" and "Fantasy"; a simple yet pleasing origin.
Sebastian: Hey have you seen the newest series of doctor who?
Malcolm: Yeah I found the whole thing to be very disappointing.
Sebastian: mmmhmm, I miss Karen Gillan
Malcolm: I know she's a part of one of my greatest wanktasy.
wanktasy by James J.D.R. May 17, 2013
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wanktastic 

Something or someone worthy of being the subject of a person's oneristic tendencies. Something or someone worth wanking over.
"ooh thats a wanktasic set of tits!"
wanktastic by Tom Jones June 1, 2003
Related Words

wanktastic tit barrel 

Another name for a saggy titted lady.
"Ew its that wanktastic tit barrel, again..."

Wanktastic 

A word sarcastically used to describe extremely fast, yet unmelodic, self indulgent guitar playing.
Person 1: Isn't Yngwie Malmsteen great?
Person 2 (sarcastically): Yeah... he's wanktastic...
Wanktastic by Franchez August 27, 2005

wanktastic 

An amazing or joyful experience that is on the same level as having a great wank session
Omg this sandwich is so wanktastic

wanktastic 

adj.- mindblowingly egotistical
Can you believe she said her writing was too good for an editor? That is so wanktastic.

WanKtastic 

Something unbelievable awesome. (Sounds even better if you stress the W and K for effect)
Man last night was WanKtastic!
WanKtastic by Kanyelover May 13, 2008