Faggy Waggy is basically just a less offensive way of calling someone a faggot that also makes you seem as if you're looking down at them due to it's childish tone. It works most efficiently if someone is complaining about something childish, or just anything in general.
(n.) A useless or unproductive excersize.
(v.) To waste time and effort.
(n.) The noise made by a dog's mouth as it bites the stream of water coming from a lawn sprinkler.
Those managers spend all their time whargarbling with meetings about meetings and leave the real work to everyone else.
It is the combination of Wahh and Nigga. Wahh, is a phrase an Asian person says when surprised. Nigga, is what black people call each other as in homie. Thus, this is what you call Asian person with a black personality.