When you and your friend are in a heavy conversation at a restaurant and the waiter/waitress rudely interrupts to ask, "How is everything?"
A combination of the words "waiter" and "interruption".
Jane: "EH MAH GAWD then Annie comes to school wearing these ripped jeans she obviously cut!"
Hannah: "OH-EM-GEE! Like the time Jill--"
Waitress: "How is everything?"
Jane: "WAITERUPTION MUCH?"
An attractive and promiscuous girl, small enough to fit in one's pocket. In times of need, she can be removed from the pocket, when she becomes a waitress, by adding a tray, an apron, a socially unacceptable temper, and, potentially, a drug habit.