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A group of guys all jerking off at the same time like a bunch of wild animals. Usually happens in a locker room right before or after a shower when they're all still naked and stinking.
My gym teacher caught us having a jackoff party and made us all do push-ups.
The guys in the back of the bus had a jackoff party during the field trip.
At the sleepover, the boys started a jackoff party and woke up the whole neighborhood.