The act of dipping your penis into paint and slapping it against a blank canvas, thus creating an art piece.
C: Hey, have you seen Q's abstract art work
E: Yeah, I think its called painterbation
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An abstract painting made with repeated brush strokes, drips, pours, and/or splatters, resulting in a self-indulgent, overworked mess.
That Jackson Pollock was a real master of painterbation.