A powdery white substance. Also known as cocaine. Most heartily enjoyed amongst the adolescent WASPcommunity.
"So what was Harvard like? "
"I found the teaching to be quite rudimentary, but the WASPdust 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.
Joe says something unbelievable but insists it is true.
"Joe man, that's wasp fudge!"