'machine nut' or 'machine nutting'
The Machine Nut is named for the first half of the activity, the second half usually comes as a surprise to any who were previously unaware of the activity before hearing about it.
Two men - usually fratboys - pleasure themselves next to eachother, and have to cum as many times as possible. Whoever stops first, no matter the reason, is labeled a Pussy, while the winner gets the right to commit sodomy upon the loser's anus until the winner ejaculates inside the losers anus once.
Drew: Yo, we should go machine nutting, Trevor
Trevor: Yo, hell yeah, drew