Any event where males try to prove their worth by comparing their (often irrelevant) possessions/attributes, especially when size is involved. Good examples are the comparisons of engine or salary sizes. This meaning originates from the idea that he whose penis is larger is superior; primitive males would 'waggle their dicks' to show whose was bigger.
Reporter: President Johnson, why are we still fighting the war in Vietnam?
LBJ: (unzips his fly, draws out his substantial organ): This is why!
Onlooker 1: Dude, that guy just whipped it out like LBJ! It's like the whole war is just a big dick waggling contest!
Onlooker 2: That IS LBJ, fool.
The art of waggling involves the pendulum-like movements of a man's privates swaying between his thighs. For proper waggling, the scrotum must be proceeded in the act by the male member, the penis. As the scrotum follows the penis in this uniform motion, the scrotum must slap against the man's gooch and lower abdomen in a military cadence (using a 4 beat bar works best). As the tempo quickens, it is completely appropriate for the male to make grunting noises and possibly loud exclamations of "oh yes baby" or "get some, get some."
John loves waggling in fronts of large groups of people as part of his streakingexpose.