In Total Drama Island, DJ talked about this story that happened to him.
His brothers dared him to jump off a high dive platform at the pool. He was scared but he jumped, he landed on his butt. His trunks went so far up his butt that they had to go to the doctor to get it removed. They called it the Wedgie Flop
person1: Go jump off the high dive platform over there
person2: No, I don't wanna get a Wedgie Flop
A mildly 'high class' term for a person who just so happens to know everything possible, been everywhere possible, and has done everything known to man. They feel that they are better than everyone else and walk around with an air of arrogance about them that no one can stand them
We were talking about getting drunk today and martin chimmed in with his flopsway self about his 'drunk adventures.'