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1.
Short for waygookin, the Korean term for foreigner or more specifically non-Korean. Waeg is the term used by expats in Korea to refer to themselves
Man, you would not believe how many waegs I saw at the Boryung Mud Festival! Total waeg party!

Last weekend at the bar this one waeg was being all cowboy charisma man; he made all the Korean women run for the exits.

Hey, I haven't seen that waeg before. Oh him? He works at Ding Dang Dong English Institute.
by waeg November 03, 2013