Lyric discussion by GongusWrongus 

Yes, that's what "off the wrist" mean. Definition from a slang dictionary:

one off the wrist; quick one off the wrist noun (of a male) an act of masturbation. The adjective ‘quick’ (or occasional variations) does not denote an especially speedy endeavour, its purpose is to elaborate the basic term. UK, 1973



Great song, btw.
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