A) An insult, usually used when someone (or something) has been bad. Cock waffle is an example of foul language where the word “waffle” has been added after a word to create a new foul language term.
OR
B) A waffle in the shape of a cock.
A) I had almostfinished when my cock waffle of a computer suddenly turned itself off.
The result of placing one's male genitalia (the phallic portion) into a heated waffle iron.
When Taylor accidentally cock waffled himself, he let out an agonized screech and ended up with a criss-cross pattern on his penis for the rest of his life.