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1.
An interesting insult! It i means that you are a douche bag, or a jerk. Its usually used by friends to throw another off his game. They focus in on the word used and forget what they are even talking about.

A more literal term of course is a waffle filled with male ejaculation.
"Dude your a fucking cum waffle." (Reaction) "Wtf? did you just call me a cum waffle?"

Mission complete.
by Dortez October 27, 2007
 
2.
When a group of males stand around a waffle and whack it. Whoever splooges last has the honor of eating this delicious salty waffle.
Oh man. Cum waffles ruined my night last night.
by shiionmadii February 02, 2011
 
3.
A rather douchy douchebag, also known as colin
Did you hear that colin is a MAJOOORRRR cumwaffle???
by jamessss12342 August 21, 2008