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(Makes for a great title, doesn't it ?)
The term “wank” describes a certain style of timelines and scenarios. In the original version of it, a single country is always successful, steadily expands, and generally does way better than is plausible. Later, the term was expanded to anything that can have success (nations, group persons, etc.) or even every tool that can be used to have success (like certain technologies); currently the meaning can be watered down to mean anything down to “has more success than IOTL”. The idea behind the name is that the scenario's author would masturbate about the subject in question. Wanks are generally named for their wanking subject, for example Ameriwanks (the original wanks), Japanwanks (or Nipponwanks), Socialism-Wank, Magic-Wank (if in ASB), etc, etc, etc.
Lately, the term has come under increasing critique, as many members begin to find it annoying, like a fad that has lasted too long. Also, newbish members display a frightening ability to use the term in their very first post.
The original popularisation of the term 'wank' was a deliberate policy by Thande in an attempt to infect the American-dominated board with more British slang, but this somewhat backfired, as although 'wank' has become almost too popular, its original meaning of masturbation has been mostly lost.
A growing list of wanks can be found here.
A more moderate and less emotive term for 'wank' popularised by Analytical Engine is 'turbo-', as in e.g. “TURBO-AUSTRIA!!!!!!”
David bar Elias and Doctor What coined the term 'nation-bukkake' to describe a “wank squared” scenario.
Thande also suggested that unrealistic feminine-appealing scenarios, such as “Telepathic Dragons Who Are Our Friends”, should be termed 'X-frigs' as opposed to the 'my awesome home country pwns you all with its rocket tanks' masculine 'X-wanks'.