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3.
An OTP in the My Chemical Romance fandom.It is the act of putting Mikey Way and Gerard Way in sexual situations. Many fans find it rather hot, and it is often seen on MCR slash forums. You should read them once in a while they're entertaining.
When I saw My Chem on Feburary 21 2007 I saw instances of Waycest when Gerard bent down and Touched Mikey's chest.
by Miss Juno Harris March 24, 2008
 
1.
Fangirl term referencing a (fantasy?) romantic and/or sexual relationship between brothers Gerard Way and Mikey Way of the popular band My Chemical Romance. Similar in form to twincest, although the two are not twins.
"I really love those Waycest fics! Gerard and Mikey are so hot together."
by pensive_fae September 09, 2005
 
2.
A (hopefully) fictional term spawned off of the word 'incest' and the last name of those included to describe the sexual antics and/or smutty antics of two brothers, Gerard Way and Mikey Way.

The only places I've seen Waycest are on www.fandomination.net/ musicians/mychemicalromance (Take out the spaces, they wouldn't let me put in an entire URL). Follow the links and soon enough you'll find my examples.
Nikki: One thing a straight person never wants to read: Waycest.

Sarah: But doesn't it turn some people on? Nay, give them orgasms in front of their computer screens?

Nikki: DAMN IT YOU'VE GOT TWO BROTHERS RAMMING INTO EACH OTHER, NO DECENT STRAIGHT PERSON WANTS TO READ THAT!!

Sarah: But who said we were all straight?

Nikki: ...good point. I'm off to read high school smut between Mikey and Frank.

Sarah: That's no different than Waycest besides the fact that Gerard's being replaced by Frank!!

Nikki: I DON'T CARE, THEY'RE NOT RELATED!!!!!
by Nikki Mustang October 09, 2006