When you are having anal sex on your kitchen next to a plate of waffles, and a donkey busts through the window, allowing the glass to sever your leg. The donkey then proceeds to fuck you in your leg stump.
Person 1: "Why isn't Johnny in for work today?"
Person 2: "He got into a Waffle Donkey situation."
Person 1: "HaHa, classic Johnny!"
Noun: misgendered crotch cleavage, especially on a transgender individual. Lips of female genitalia on a pre-op female to male tranny, or male genetalia bulge on a pre-op male to female tranny. Men get moose-knuckles. Women get camel-toes. Trannies get donkey-waffles.
To engage in work at your own pace while giving the impression of assigning it the highest of priorities. Due to the vague nature of the statement, once the true meaning is discovered, it is neither questioned nor criticized.
(First regained popularity as a phrase in the IT industry around late 1999 - early 2000.)
To make an act one's top priority, much like scarfing free breakfast would be for a donkey, were it confronted by an unattended waffle. Usage of the phrase implies some amount of immediacy or urgency to the performance of the act.