The act of masterbating instead of doing something important. (ie. homework)
Jim: Instead of doing that project, I was procasterbating.
Me: ZOMG me too!
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Putting something off so you can masterbate instead.
I should have finished writing that english paper, but I procasterbated instead.
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To pleasure yourself in an unhuman nature
I had a paper due but i was to busy procasterbate last night
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When you wanna have a wank but you're to lazy too
Dude 1: F**K man, while jogging, I saw this hot chick running in front of me and I got so horny
Dude 2: So what did you do?
Dude 1: After my jog, I tried to wank but I ended up procasterbating
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