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Wiktionary
spank the monkey

vb. (context idiomatic colloquial vulgar English) To masturbate (male).

Wikipedia
Spank the monkey

For the similarly-named 1994 film, see Spanking the Monkey.

Spank the Monkey is a card game created by Peter Hansson, where you and your co-players are workers at a junk yard. A monkey has climbed the highest scrap pile, and it is your job to climb up and bring it down by spanking it.