Acronym. Usually stands for "What Am I Gonna Say?"
Used when someone is beaten in an argument and has no other comeback or used when you have nothing to say. Usually followed by "Get Fucked". In most cases laughter ensues.
The correct way to pull of WAIGS is to put on a "gangsta" voice while saying it and making hand gestures when appropriate.
Once your friends are aware of what's coming they may try to back chat your argument but no matter what you must stand your ground as you are ultimately in the right.
In this example WAIGS has been extended into "What Am I Gonna Say?"
Raydon: "...and that is why you're gay!"
Ben: "What am I gonna say?"
Ben: "Get fucked"
Raydon: "Shame shitnitch
Ben: "What am I gonna say bitch?"