masturspacing

The act of spending all of one's free time on MySpace looking at the profiles of complete strangers.

(Usually leads to several random, unknown people being added as friends, while using most of the bandwidth on your internet connection.)

Joe is hogging all the bandwidth because he's been in his room masturspacing to random skanks all night.

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Masturspacing

Surfing Myspace to look at another womens myspace pictures and then masturbating to them

Dean: Dude wheres Billy

Jack: he slept in because last night he was up late masturspacing