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1.
Not deriving from Scary Movie like everyone says, it derives from an old Budweiser commercial. It is used to say "How are you?" "What are you doing?" oor just "What's up?"
Buddy:Wazzap?!?!
Guy: Nuhin' B. Watchin' the game, havin a Bud. Sup wit'chu?
Buddy: Nuhin', watchin' the game, havin' a Bud.
Guy: True, true.
by Haloman March 31, 2009
 
2.
A douchebag way to say what's up. Will often be followed by an awkward silence.
Joe: Hey Jeff, WAZZAP MAAAAAN!!???

Jeff: ...What the fuck was that?

Joe: *looks down at feet* I was just...you know man...

Jeff: Whatever man. I'll get the whipped cream.
by Sue Doe Nymm June 05, 2009