Usually these words are applied to people who play WoW excessively and to the exclusion of doing normal activities, especially if the person is addicted. This can lead to WoWjaculation.
Hey, stop WoWsterbating and come to the party with your friends.
Oh, hey that guy's a WoWsterbation addict, maybe we should stay away.
John: Hey Jim, wanna wowsturbate when you get home?
Jim: No man, I have a lot of homework.
John: Ah its ok, World of Warcraft will always be here, homework won't.