The word stands for Wicked Evil Grin.
Invented by the almighty Dayliethe Malt--the first known internet group that was a Mafia/Cult. The DM--as they're known--also owns you, but the only important thing to know is that they endorse the phrase.
DM1: What are we going to do tonight?
DM1: I'll bring the meathook, you bring the nuets?