"Jackwad" is a term used when someone is such an ass that he's no better than the "wad" that's expelled when someone jacks off.
"That fucking asshole -- look at the bad move he made cutting off that school bus -- what a Jackwad!"
"My friend, Tina's, boyfriend fucked her sister last Saturday night while she was passed out in the other room. What a Jackwad!"
Jackwad should be used in mixed company, when you should not use the term "Jagoff"!
Where is that Jackwad bartender?