A wank using no outside sources for arousal material, only the fantasies provided by one's imagination.
ERIC: I'm gonna go beat off.
TOBY: You want this porn mag?
ERIC: Nah, I fancy an imagiwank over that cute girl who works at the video place.
TOBY: Ah. Godspeed.
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Masturbating without the necessary pornographic materials and instead relying on one's ability to imagine pleasurable, erotic acts in one's head.
Jim: Once was doing some work on a scaffold, my boss told me I had 5 minutes, didn't have my Nuts on me so just had to imagiwank.