That's not true, it takes 32 days of sleep deprivation to kill a rat. There are no records for humans dying from lack of sleep at all, although it is thought that it could happen if a person is awake for long enough (weeks).
However, most people fall asleep against their own will and have psychological damage including hallucinations when at their limits so prolonged sleep deprivation is unlikely to ever occur unless you were kept awake by outside influences.
Your penis would also go flaccid if you tried to do nothing but masturbate for 80 hours, pretty quickly. You'd also get light headed which'd make you exhausted, making you more likely to fall asleep against your own will.