stomping you a new asshole and walking it dry similar to stomping a mudhole in your ass and walking it dry to get beat senseless or near death to the point of not being able to fight back
To wave an object around in an erratic fashion. It usually applies to long bendy things such as large dildos.
Because of this it often used as an insult. If you say that someone was "wanging it around" you imply that they are waving the object around in a similar fashion to how someone would wave around a dildo.
Phrase used to suggest a determined burst of action, similar to "Getting on with it" but with far more *gusto*.
In Maths Class:
person 1: OMG I'm sooo bored of division!
person 2: Okay, jeez, I know its long and hard but I'm just Wacking it out and I'll be done with it in a second. Don't be a fucking welp.
person 1: I guess you're right. Then we can use our free time to masturbate