Exploring Masterbation With a Friend

A friend and I sparked in an unexpected kiss just recently and turned to IM to explore our mutual appetite for sex. We really enjoy virtual sex but are hesitant to move it from the screens to the sheets. Dating doesn't seem to fit the bill. But we are both hungry to explore further in person.
Is side-by-side masterbation possible? Has anyone here on ST.com has enjoyed mutual self-pleasure of a M and a F, without it becoming actual sex?
Jacking and Jilling it would be fun but we are afraid our passions would take over and leave us regretting. Any advice?