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1.
A mixture of the word, "Whoa" and the phrase, "No way!" This interjection is occasionally used seriously, but most often used sarcastically and to mock someone at something they think is important or when that someone just realizes something obvious.
When someone just realizes something obvious and/or thinks it's important:
"Holy Cow! Water's wet!"
"Whoa way, I thought it was dry!"

When used seriously:
"I just rode that roller coaster over there that tops 120 miles an hour five times in a row!"
"Whoa way! How did you manage not to throw up?"
by Carrera's Wedge March 17, 2007
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