Spankulation
A speculation of an event that may occur which results in a session of masturbation.
1: I spent this morning in spankulation about how I was going to fuck Jenny tonight.
Spankulate
That brief moment of indecision (or clarity) between seeing a really sweet butt and deciding whether or not to give it a nice little pat. Sometimes you go with it; sometimes you don't.
Whoa! I totally almost slapped that guy's butt. Glad I had a moment to spankulate. I might have made a serious social blunder, right there in the frozen foods!