To watch oneself masturbate or to watch another do so, sometimes both.
Have you heard about obserbation? I would never watch!

Do you obserbate or are you more of a "see no evil" kind of guy

Ive been obserbating for years, i find it more erotic.
από Jeff and Tim 1 Οκτώβριος 2008
The kind of masturbatory or self-tickling non-questions one hears, more often than not, at academic panel discussions, disclaimed before or after by some form of the phrase "not really a question, I guess."
Whispered to an ally, loud enough for strangers in within a three-chair radius to hear, "Nice obserbation. I can't believe that guy's tenure-track and I'm not."
από Devan Goldstein 6 Φεβρουάριος 2009
An unintentional (see: typo) portmanteau of "observation" and "masturbation".

The act of pleasuring oneself while performing voyeuristic activities.
Jacking off to the view of your hot neighbor undressing would be considered an act of obserbation.
από the inane one 18 Δεκέμβριος 2009

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