Similar to a danger wank in that the process involves masterbating while fully aware of the very real danger of being caught out, either by a parent, family member, work colleague, etc. The difference is that with a Meerkat Wank you are standing up whilst having a danger wank, and so are straining your head and neck whilst listening and looking out for anyone who might catch you in the act. Looking like a meerkat standing sentry on it's rear legs as you do so.
I was that worried getting caught by my wife stroking one out the other night I ended up having a full on meerkat wank.
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