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Tying a noose around your neck whilst jerking off. Usually improves the quality of the meat beating process. You need to go fast or else you might suffocate and die. Most recognizably known in the move Worlds Greatest Dad with Robin Williams.
Guy 1: did you hear that Bobby died yesterday?
Guy 2: omg no what happened?!
Guy 1: he was trying to do a whacky spiderman but was too long and he died.
An alternative of whacky 'baccy embracing the name of a once-popular brand of English cigarettes (and which so much better than yanky-wanky ones)
TEACHER: Which one of you little sods has been smoking whacky Woodbines? Giv's one, you little bastard.
Testicles. See also tallywacker, whack off.
His whacky sack looks a little swollen!