A phrase screamed out loud serving multiple purposes, coined by a Venezuelan Jew at the University of Chicago. Some functions include:
1- to break silence
2- to salute/greet friends
3- to scare a person
4- to cheer when drunk
5- to fill in blanks during conversations.
Scene: Enters apartment and a bunch of people are sitting in the living room
David: Wakata waaaaa
Scene: Nate is walking down the street, David comes from the back and gives him a "tatequieto"- side-slap on the neck, proceedingly yells out "Wakata waaa"
Nick: Was she hot?
David: Dudee, she was wakata waaaa!!!
Francis: David thinks everyone's hot.
Nick: Wakata Waaa
---across the room
David: Wakata waaa