A Derogatory term towards Americans, a mockery of 2 stereotypical favorites of Americans. "Piss" is referring to Piss Water or watered down beer, while the "Waffle" is referring to how most people in political power flip sides as easily as a Waffle for nothing more than gaining political favor.
"Oh great, here he is..." - Foreign Tourist in Washington D.C.
"Oh, hello there, my name is--" - Politician in Washington D.C.
"NOPE! Fuck off ya Piss-Waffle!" - Foreign Tourist in Washington D.C.
When a man and woman engage in sexual activity while her significant other watches from the corner. Upon climax the man cums onto an eggo which the cuck is forced to eat for further humiliation.