"So what was Harvard like? "
"I found the teaching to be quite rudimentary, but the WASP dust was quite phenomenal. I got at least three nosebleeds a night."
Wasp fudge is a country side delicacy, a fudge containing wasps. This is so unbelievable but actually true, therefore "wasp fudge" can be used to describe other such situations where the fact stated is true but is unusual to the extent that it may seem untrue.