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1.
Most annoying catch phrase of the new millenium. Only said when greeting someone on the phone but you have nothing to talk about. If said otherwise, it proves your idiocy.
1: Wasaaaaaaap!?
2: Wasaaaaaaaaaap!?!?
1: Wasaaaaaaaaaaaaaap!?!?
2: So, why'd you call me?
1: No reason.
2: Good gracious!
1: ... Wasaaaaaaaaaap!?
2: Wasaaaaaaaaaaaaaaap!?!?

Continues for hours.
by Bastardized Bottomburp December 11, 2003
 
2.
Another form of what's up.

-What's up
-Wassup
-Wuzup
-Wasaaaaaaap
Sarah: WASAAAAAAAP!!
Me: You because you are friggin' high.
by Cortana Dragoon July 03, 2005
 
3.
Meaning how r u, but then shortened (somehow) to whats up. After an extremely funny budwiser advert, it changed once again to wassssssssssaap!
(on the phone)
Dude 1: Hey dude
Dude 2: WASAAAAAAAP!
Dude 1: WASAAAAAAAAAP!
Dude 2: Just sittin @ home, havin a bud.
Dude 1: Tru.
by l December 09, 2003