When a guy takes another guy's testicle between his pointer finger and middle finger then takes the other testicle and puts it between his ring finger and middle finger then closes his hand and yanks up and down really fast and hard as if you were trying to start a chainsaw.
Using an unknown word or phrase in normal conversation, almost always to promote the spread of that usage for the bragging rights it brings.
A reference to a Key and Peele sketch wherein a character tries to drop "I put that p*ssy on the chainwax" only to have a friend call him out on the non-existence of that expression.
A lot of the posts on urban dictionary are nothing more than people chainwaxing.