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1.
Greeting in the Patois dialect of Jamaica, rather than a "bastardization" of "What's going on" though it is the equivelant.

Originally evolved out of the dialect formed by African slaves being taught to speak english by the British in Jamaica during the peak of sugar plantations.
Used in a greeting as, "Hey mon, wagwan".
by Chopin_Amateur June 28, 2006
 
2.
Bastardization of "What's going on?"
Wagwan my brotha
by Nama September 30, 2003
 
3.
Jamaican slang for "what's going on?"
Used as a greeting: "Wa gwan Fred?" or simply "Wa-gwan!"
Used as a question: "Wa gwan(ing) with that?"
by Paul Dixon March 20, 2006
 
4.
My London boys told me that Wag Wan is slang mostly used in Hackney and it means 'Whats Going On '

Wag Wan - Whats going on say it slow it sounds like whats going on

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1 - "Hello Mate"
2 - "Wag Wan Brov"
by B-man the don September 22, 2006
 
5.
used in the same context as whats up? or hows it going?
yo wa gwan starr?
by Kile April 08, 2003
 
6.
a formal greetin between 2 homies who known each other since bak in da day:"wats going on?"
"Yo wa gwan blud?"
"nutin man just chillin"
by jazman June 20, 2003
 
7.
It means a cut/chopped off head of the penis
Douch: "Ahaa, nice hair mop-head!"
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Mop-Head:*angrily* "Yeah, GOOD ONE WAG-WAN"
by InventorOfWag-Wan January 12, 2010