Definitions by Roger Bones

Wag 

The act of removing one's penis and flopping it around in a non-sexual way with one's bros. Wagging is considered to be a fraternal action and sexual arousal is not intended. If someone does become aroused whilst wagging, it is not considered polite to notice.

We watched the football game, and then we wagged for a bit.

Wag by Roger Bones February 19, 2011