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The action of masturbating onto a yellow sponge and letting the semen soak in, then putting it under water, squeezing it, and watching the semen bubble out of the sponge while maniacally laughing.
Poor Nate couldn't get a girlfriend, so he performed a Dirty Spongebob every night before he went to sleep.
The act of wrapping strips of bacon around your penis, then using the bacon grease as lube to masturbate.
After Ronald McDonald got done eating his Baconator, he gave himself a Baconbator