WordNet (r) 3.0 (2006):

wank
    n 1: slang for masturbation [syn: jacking off, jerking off,
         hand job, wank]
    v 1: get sexual gratification through self-stimulation [syn:
         masturbate, wank, fuck off, she-bop, jack off,
         jerk off]

The Jargon File (version 4.4.7, 29 Dec 2003):

wank
 /wangk/, n.,v.,adj.

    [Columbia University: prob.: by mutation from Commonwealth slang v. wank,
    to masturbate] Used much as hack is elsewhere, as a noun denoting a
    clever technique or person or the result of such cleverness. May describe
    (negatively) the act of hacking for hacking's sake (?Quit wanking, let's go
    get supper!?) or (more positively) a wizard. Adj. wanky describes
    something particularly clever (a person, program, or algorithm).
    Conversations can also get wanky when there are too many wanks involved.
    This excess wankiness is signalled by an overload of the wankometer
    (compare bogometer). When the wankometer overloads, the conversation's
    subject must be changed, or all non-wanks will leave. Compare neep-neeping
    (under neep-neep). Usage: U.S. only. In Britain and the Commonwealth this
    word is extremely rude and is best avoided unless one intends to give
    offense. Adjectival wanky is less offensive and simply means ?stupid? or
    ?broken? (this is mainstream in Great Britain).


The Free On-line Dictionary of Computing (30 December 2018):

wank

   /wangk/ [Columbia University: probably by mutation from
   Commonwealth slang "wank", to masturbate] Used much as hack
   is elsewhere, as a noun denoting a clever technique or person
   or the result of such cleverness.  May describe (negatively)
   the act of hacking for hacking's sake ("Quit wanking, let's go
   get supper!") or (more positively) a wizard.  "wanky"
   describes something particularly clever (a person, program, or
   algorithm).  Conversations can also get wanky when there are
   too many wanks involved.  This excess wankiness is signalled
   by an overload of the "wankometer" (compare bogometer).
   When the wankometer overloads, the conversation's subject must
   be changed, or all non-wanks will leave.  Compare
   "neep-neeping" (under neep-neep).  Usage: US only.  In
   Britain and the Commonwealth this word is *extremely* rude and
   is best avoided unless one intends to give offense.