To have someone put a piece of blu-tac, shaped like a penis, over where your name is written. (Usually on a rota at work or a team list or basically anywhere where there is a list of peoples names posted on a wall)
Usually someone gets wabbed for a reason, like takeing a day off work, or an enemy might wab you. Although not all wabbings are fully justified.
John: Awwwww no way man! I think I've been wabbed!!!
John: Look Man! (Points to where his name should be on the team sheet, but it is covered by a cock shaped piece of blu-tac. He peels it off to reveil his name)