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1.
Shortning of "wa's gwanin?", which in itself is short for "what is going on?". Rastafarian in origin.

General greeting or used in any place where "what's going on?" is appropriate"
Safe blud; wa's gwannin wit' you?

Trans:
Hello friend; what's going on with you?"
by Anonymous October 10, 2003
 
2.
wasup?

wotz happin?

eg. when you meet a m8 u'd say 'gwanin?'
by Buff Fing July 21, 2003
 
3.
Always paired with "whats".. its another way to say 'up' or 'cool'. Popular amongst the junglist culture, this word originated from Jamaican slang.
"What's gwanin, Pa? or "Whats gwanin Lady Tosh?"
by glitchDNB March 14, 2006