The meaning of the name in anglo saxon roughly translates to "Valiant Defender"
In Austrailian "lingo" it is derogatory as they are lazy speakers so, often words get squashed or aussified. Also there is a tendancy to use names in derogatory manner in Australia
Wanker becomes Wazza as often alcohol is involved in the arival of the barstardisation} in the first place
Dick = a penis or dullard
Norm = Straight or follows the rulz
Bob = nervous or very active
Mary = gay or any none "normal" sexual attitude
Wazza is also a currency of their religion, and it is not materialistic, as it is a currency of the soul.
Bob: Yeah, it's totally awesome!