Used during a situation of shock or great surprise.
Using Whoakay in your everyday: You pick up a photo on the desk of someone you know, curious of what it is of. This person Yells out loudly:
"No! THATS MINE!" As they rip it from your hand while you are taken aback and completly dumbfounded by this persons ridiculous outburst of rage at your simple curiousity. You look at them with an expression of pure shock, and say "whoakay...?" Wondering what the fu*k is up their a**.