Any event where males try to prove their worth by comparing their (often irrelevant) possessions/attributes, especially when size is involved. Good examples are the comparisons of engine or salary sizes. This meaning originates from the idea that he whose penis is larger is superior; primitive males would 'waggle their dicks' to show whose was bigger.
Reporter: President Johnson, why are we still fighting the war in Vietnam?
LBJ: (unzips his fly, draws out his substantial organ): This is why!
Onlooker 1: Dude, that guy just whipped it out like LBJ! It's like the whole war is just a big dick waggling contest!
Onlooker 2: That IS LBJ, fool.
The art of waggling involves the pendulum-like movements of a man's privates swaying between his thighs. For proper waggling, the scrotum must be proceeded in the act by the male member, the penis. As the scrotum follows the penis in this uniform motion, the scrotum must slap against the man's gooch and lower abdomen in a military cadence (using a 4 beat bar works best). As the tempo quickens, it is completely appropriate for the male to make grunting noises and possibly loud exclamations of "oh yes baby" or "get some, get some."
John loves waggling in fronts of large groups of people as part of his streaking expose.
When two or more ice carvers are sharing body heat, and one or more move there bodies in ways that lead to increased friction and wetness. Only count if your in a tent in the winter with just one sleeping bag and lot of alcohol.
What Army Aviation mechanics like to refer to Helicopter pilots as. They wiggle a stick and they are fucking retarded, anyone can fly a helicopter, but not everyone can perform maintenance on it.
Joe: "Hey, that CW2 is a complete douche.
Bob: "Yeah, I know... he's always complaining about down-time for his aircraft.:
Joe: " well, if he weren't such a stick-wiggling fucktard, this aircraft wouldn't be messed up and he could be flying."