An alias of the rapper Lil Wayne. The f stands for fuckin. The baby is from his adopted daddy, baby aka birdman. Other nicknames for Wayne include The Fire Man, Birdman Jr., Pussy Monster and Weezy Wee.
Jack:Hey did u hear? Weezy F. Baby got shot.
Chelsea: That's it were over.
Jack:Huh?
Chelsea: My life is over.
Jack:So?
Chelsea: I'm horny
Jack: Me too...
Failed U.S. Government mission where they deploy famous rapper Lil wayne to use up all the drugs in mexico. Onion news network has more on the story. After he was deployed, the rapper consumed "too much drugs" docters say. Thus cancelling the operation.
Lil Wayne: Weezy f baby.
audience: Wayne! You fucked baby!
Lil Wayne: Yeah, he's me record label manager. What else am I supposed to do with him.
audience: You and Birdman are fucking faggots.