Excessive shredding, self-absorbed guitar soloing, or devotion to nerdy, technical aspects about guitars; also owning or fantasizing about extremely expensive equipment designed to make one feel better about oneself as a guitar player.
I went into guitar center the other day, but the guitar wankage was so over the top I had to clean my ears out with a q-tip.
#1. Overlord saw a awesome screenshot and said "Total Wangage" because he liked it.
#2. A man saw a cool action seen in a movie and said "Total Wangage"