It appears, also, that in addition to the cleverly inserted negative "no", one could read in the ever more skillfully concealed "nor". In light of this, it would indicate that neither of the sexual partners acheived an orgasm. In the instance of partner to partner sex, this may mean that despite time, energy, viscosity, frictive force, and inclination, climax did not result in ohyesbabyiwantyouiwantyouohyesyessighyouhavequiteatalentthere sensation for any person involved.

Of course, in the instance of masturbation it means that the hand, foot, or other agent of pleasure, loses sensation in addition to the privy member, or recess.

Still, Norgasm could be meant to represent a multiple orgasm, where N is an integer indicating the quantity (either maximal or episodic) for a given partner.

Maximal: Genevieve is a 4orgasm girl. Try as you may, she has her limits.
Episodic: My world has been rocked to the degree of 7orgasm.

Then, riffing further on the semantic split, one could think of a Norgasm as an Assistant Stage Manager from Norway (Norge ASM).

mkb adds that it could be a reimplementation of asm by a Norwegian. But that is just silly.