An interesting insult! It i means that you are a douche bag, or a jerk. Its usually used by friends to throw another off his game. They focus in on the word used and forget what they are even talking about.
A more literal term of course is a waffle filled with male ejaculation.
"Dude your a fucking cum waffle." (Reaction) "Wtf? did you just call me a cum waffle?"
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