1. peace to you, war to you
2. good to you, bad to you
This phrase is most ordinarily used in times of complete confusion, when there is nothing else one could say, especially for those who regularly have panic attacks. Thus, it is really a nonsensical phrase that actually has a meaning and its meaning does not have to actually be the above, but a similar arrangement of positive wishes to others, followed by its antonymical negative wish. e.g. gumbo to you, nutra rat stew to you. You get the drift.
An example conversation with "wakka-wakka" used:
Tyson: I have to go to the store today and . . . there is a girl i like who . . . my mom called earlier and . . .the momement that bastard comes around here i'm gonna . . . what a jagoff, i swear . . .