Term of derision, along the lines of douche bag. Can be used when joking with friends as well. This word was in use in Bucks County, PA as early as 1990 by high school kids.
"Listen twat waffle, I'm gonna kick your teeth in." - unfriendly
"Yo twat waffle, come grab a beer." - friendly
when you gotta roll through your rolodex of pussy or through your manila folders with pics of chicks in em just to find which one was hot or which one you want to bang that evening.
HEY! you seen my twat portfolio?!?! i left it here last night and there's a chick i have in it and i gotta bang her like right the fuck now!