can also mean rubbish or poppycock, can also be used to declare shenannigans during a drinking game
"I just can't believe this waffle cock!!"
"You cant do that in beer pong!!! I declare waffelcock!!!!"
a fat homosexual who has a small penis and enjoys having sex with smaller people with the same size, so as not to make him feel like a complete loser.
That waffle cock over there tried asking me to have sex with him!