Man-o-plasm refers to a 'load' of very viscous, cloudy white semen that is ejaculated from a man's wanger upon orgasm. It is named 'man-o-plasm' as it resembles the eerie substance that ghostly apparitions are said to leave behind (made famous in the movie Ghostbusters).
See also: rectoplasm
Egon: there were definitely ghosts here Peter, look, there's some ectoplasm in the corner...
Peter: Egon, you fuck, that isn't ectoplasm.. Ray was over in that corner there earlier with a copy of Hustler.
Egon: shit, then it's just a load of man-o-plasm. Goddamn Ray, you filthy cunt.
Ray: Aw christ, WHAT NOW?!?
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