There's even a Wikipedia entry for this, under the British name soggy biscuit.
I think this was once part of British public school "culture".
Does anybody have a video of guys playing "Soggy Cookies?" Basically, a few guys sit in a circle and and masturbate onto a cookie/cracker/biscuit, and the last guy to cum has to eat it. I've searched and searched but have yet to find anything.
it also happens on a porn site called Hazem