1) Old fashioned term from British English asking agreement.
2) Term for anal sex usable in polite situations. (Taken from a South park sketch in which a character sings "What what? In the butt."
1) She has quite a nice body, what what?
2) (Conversation in grocery store line)
"Did you hear about the latest fight between John and Jane?"
"No, what did he do this time?"
"Really? What a jerk."