Slang term for masturbation.
Fred: Hey, Phil...did you score at the party the other night?
Phil: Naw, man...I went home and had a fist festival.
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Any situation where you find yourself in a place you don't want to be doing a task you don't want to do or one which is totally futile (such as being a wageslave at work).
Cameron: "have you caught a patagonian toothfish yet Dwayne"?
Dwayne: "I went to the local jetty but it was packed with amateurs, a total arse fist festival"!