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1.
A mix of a "caker"; a word used to describe the young generation of canadian people, Cakers have a bad taste for food, music, fashion and overall lifestyle, and the term for being a useless waste of space and time "wasteman". We combine the two to form the ultimate insult to Canadians, "wastecake"!
Look at these two wastecakes over here!
by Rista9206 January 04, 2012
 
2.
some one who is extremley ugly or extremly gay or both.
originates from a mix of poof cake and waste man
"david belled me yestaday, he's such a waste cake!"
by Blondie N19 March 27, 2007