A non-existent wang is a illlusory dick usually found (well not really found because it is nonexistent) on lax brahs and farmers. instead of a juicy dick that should reside inbetween the tanned thighs of these whoreish creatures, it is a dick deprived crotch that longs for a wang, yet will never have one.
Crack addicts are usually attracted to these as well.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).