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2.
In Tawain, the slang term for what in English could most closely be paralleled with "cunt."

It relates to the concept of a moist (hence, "water") vagina (hence, "chicken"). The Tawainese (Tawainese as a language is very similar to Chinese...but different)pronounciation phonetically is (basically): dj-we gay.
I want to eat her delicious, juicy water chicken so bad.

Look at that hot water chicken walking down the street!
by Professor of Water Chicken July 09, 2004
18 9
 
1.
What mexicans call a "penguin"
Yo homes, check out that water chicken, it's like cold and everything.
by drewsccook October 10, 2007
23 12
 
3.
1) A duck.
2) A person who routinely participates in unwise or ill-planned actions, then feels jaded at the negative consequences. For concision, it is at the moment of realisation or epiphany of the mistake, just as the jaded feeling, embarrassment and regret begins to kick in, that the perpetrator is at his peak of waterchickeniness.
1) "A water chicken is a duck!"
2) "You had to pull the string and spring the trap, didn't you... You water chicken."
by Robert S. Blung + Mr. Caiptain January 25, 2012
5 2