The act of masturbating while chatting with someone via the online messaging service Skype.
I can't wait to skypesturbate all night with my boyfriend.
In my spare time, I like to randomly ask people to skypesturbate but it is pretty much a guaranteed "ew you're a creep! Stop masturbating you weirdo freak foo face dude!" Bummer.
I'd rather get a Joejob any day, but skypesturbating is pretty cool, too.