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Wanker - This is a derogatory term used to describe someone who is a bit of a jerk. It actually means someone who masturbates and also has a hand signal that can be done with one hand at people that cannot see you shouting "wanker" at them. This is particularly useful when driving.
Taken from this
guide.
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Wanker is a perjorative term for one who wanks, or (masturbates). In Britain it is particularly used of someone (usually male) who is a self-obsessed show-off.
It originated in Britain and is similar to the US insult "jerk-off". Although masturbation is acknowledged as a widespread practice, the insulting properties of these terms still remain.