Talking crap - as in talking out of your hole.
Hoop = ring = hole = ass.
Waffle = rubbish.
Talkin ass-rubbish = hoop waffle
CDB was pretty drunk and stated talking some major hoop waffle.
He started hoop waffling out of him.
Jackie talked a load of hoopwaffle at the meeting cause basically she hadnt a clue what she was on about and so used hoopwaffle to pretend she knew anything.