A banging party, possibly involving drugs and alcohol, usually done without the knowledge of parents; a wanger-out means that a wanger was "crashed" by the police.
what a wanger last night blud (what a great party last night, mate)
wanger-out but we still had a laugh (police interfered in a party going out of control)
A wangarian term derived from the 2004 southridge closing ceremonies. Founders credits belong to Jen&Thalia (ie genitalia). Can be used to describe a person or inanimate object. Usually used with extreme feelings of disgust or hatred.