To masturbate.
Irish sounded serious when he said, “Oh, yeah, dog, if you get caught rubbing one out in the joint, you're fucked.” I said, “What's rubbing one out mean?” He cackled, and said, “Whackin' off, chokin' your chicken, spankin' the monkey. Come on dog, don't play stupid.”
From the notion of rubbing out seminal ejaculate of one’s penis.
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