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1.
Technically short for happy happenings, but that's a really shitty explanation.

It's really just an alternate (and awesomer) way of saying "what's up?"

"Hey Bri-Bri, what's the happy haps?"
"That depends, what's a happy hap?"
by B-Fresh Juice Pop January 18, 2007
 
2.
Happening, going on.
What's the happyhaps?
by MoonKnight February 02, 2003