1. peace to you, war to you
2. good to you, bad to you
This phrase is most ordinarily used in times of complete confusion, when there is nothing else one could say, especially for those who regularly have panic attacks. Thus, it is really a nonsensical phrase that actually has a meaning and its meaning does not have to actually be the above, but a similar arrangement of positive wishes to others, followed by its antonymical negative wish. e.g. gumbo to you, nutra rat stew to you. You get the drift.
An example conversation with "wakka-wakka" used:
Tyson: I have to go to the store today and . . . there is a girl i like who . . . my mom called earlier and . . .the momement that bastard comes around here i'm gonna . . . what a jagoff, i swear . . .
The classic catchprase of The Muppets funnyman, Fozzie the Bear.
Why did the chicken cross the road? To get to the other side! Wakka wakka!
What you say to fill an weird, unsettling moment, in hopes of distracting a person of what is actually going on.
Phil (obviously distraught): My wife is sleeping with the mailman, my daughter is hooked on PCP and having sex with everyone in the neighborhood and I just found out my mother has cancer!
Bill: Wakka wakka!
Phil: Wakka wak-? What was I saying again.
wakka wakka wakka wakka....::munches pills:: wakka wakka wakka wakka...(continues repetitive music
a pac-language term that means "shit, these ghosts are pissin' me off"
"the ghost is getttin closer! WAKKA WAKKA!"