To fap (masturbate) on a webcam for the enjoyment of somebody else on the other end. Sometimes they might be fapping as well if both parties are male. It's not as common, but sometimes a guy and girl or a girl and girl will masturbate on camera for each other's entertainment.
The two parties don't necesarily have to be gay or bisexual if both are male or female, and could just be fapcamming for the fun of it, but they usually are gay or bi.
Fapcamming is usually done til orgasm, where the person cums It can be done with either or both parties watching porn at the same time, or watching each other, or watching nothing (e.g. lying down with the eyes closed while fapping.)
Andy: Hey, wanna get on Skype and fapcam?
Bill: Oh no, I can't, my sister's in the room at the moment.
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