"Dual-wielding" describes the instance in which you are masturbating with one hand and holding your porn source (e.g. mobile device, laptop, magazine, etc.) in the other hand.
Person 1: Hey bro, can you help me with finding the milk?
Masturbator: Nah man, I'm dual-wielding. Gimme a couple seconds.
Person: Babe, can you hand me the toilet paper - I'm dual-wielding.