To speak in a very eccletic and influential manner. The term probably comes from the usage of the term wax, which is another name for vinyl records meaning that it is recorded and musical, and poetic, which obviously refers to the stylized nature of the speech.
Yo I don't want to wax poetic on y'all about the nature of hip-hop 'cause you's minds are too ignant to comprehend the complex theories I be spittin. Ya heard?
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