The intended effect is to convey that the loser flashing said wad is a man of great import and means.
In fact, the bearer of an Oklahoma wad is usually found driving a car "borrowed" from a friend, relative, or complete stranger, is in need of dental work, and has not paid his electric bill.
This person often wears clothes made of polyester, wears cowboy boots with a fake skin imprint, has badly capped teeth, a hacking cough, and may be seen wearing a cheap toupee.
Although they may be found in virtually any populated region, their origin is thought to the the pathetic state of Oklahoma.
Ed: Hey igmo, Virgil is a loser, and that jack was nothing but an Oklahoma wad. He was still bumming cigs off me all night. What a fuckstick.