Wanktoss is a derivative of 'Wank' (derived from wanker) and 'toss' (derived from tosser). Both are verbs that mean pretty much the same thing: 'to masturbate'. However, when these two words become Wanktoss it can be used in noun form as an insult or as an exclaimation of pain or annoyance.
Steve: Hey, did you see Hank's hairtoday?
James: Yeah that guy is such a Wanktoss!
(1)Express dismay at a crucial moment (2)Lovingly name your cat on Tuesday
(1)Wankytits! I lost my jizzbucket down a manhole. Somebody stop me!
(2)Hmmm...let me see...felix, no...james...no...bastard...today is tuesday...ah,wankytits.
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.