A man's penis, plain and simple. Try it out in a sentence, you'll surely enjoy saying it!
She wouldn't shut up so I had to bust out my Wigalo and put it in her mouth!!
Wigalo means a male prostitue that has elements of wigga about him. Wigalo is a word which is a mix of "wigga" and "jigalo" hence the word "wigalo". Used as a mild insult or even a word used between friends.
Person1:"Your a dick"
Person2:"Shut up you wigalo"