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1.
"It's not pronounced Asswipe, it's Ahsweepay". Refers to rich proud snobs.

This line was first used in SNL, circa 1993.
Dude, those 90210 kids are so ahsweepay, it makes me sick.
by Xpanse CGI May 13, 2011
 
2.
Less commonly as of late, it is the phonetic, literal pronounciation of "asswipe" (said usually with a fake foreign accent). The term is used as a direct replacement for "asswipe" just with the foreign-sounding pronounciation for any of a number of stupid reasons.
"Hey ahs-wee-payyyy... wot's up mon?"
by Frank Klaune March 06, 2004