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*
A day in which Ray is absent from the office, thus providing his coworkers with a brief respite from his near endless barrage of mindless babbling and bragadocious chatter.
When you are working out of town, in some place fun. This results in working in the morning and vacationing in the evening. AKA Working, but on vacation from the office.
I just spent a week in Las Vegas for the SEMA show. I celebrated with several beers at night, overall it was a good worcation.