Synonym for male masturbation. Play on words of "tug of war".
"That chick was so fine I thought of her while havin' a tug of one last night"
the act of masturbating yourself by tugging on your dong
Bill: "hey where's John?"
Frank: "eh, he's probably at home tugging one out"
"nah, i don't think i'm gonna hang out tonight, i'll probably just tug one out and go to bed"
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masturbating.
Jacking off.
Beating the meat.
Jessica: I wanna watch something with you
Tom: you can watch a video I took of me tugging the one eyed snake!