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1.
Something you say to someone quickly causing them to say "what?" and then you go "haha you said what so you're a sphincter!"
Teh example is covered above darling
by One Eyed Milkman July 10, 2004
 
2.
A word used to make someone else look like a prat or sphincter. Most famously used by the legend Mike Myers in the film Wayne's World.
Excuse me Mr Bush asphinctersayswhat? To which Mr Bush replies what? thus becoming a sphincter.
by esther.L and Nell.C (the foxes) February 20, 2005