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When you approach a breh / bro and say 'Wagwan' as soon as you do this you drop your lower level of clothing and invade his space with your penis.
John: Yo you alright Mohammed?

Mohammed: Wagwan! *Flops penis out and goes to hug John*

John: Get your Willy away from me you Willy Wagwan'er!

(This is an example of John being Willy Wagwan'ed).
by MyKo0L September 12, 2010