(For the uninitiated, WASPs are White Anglo-Saxon Protestants -- i.e., non-Catholic non-Jewish white people. The implication is that WASPs are snobby rich folk.)
Literally: "Every time a wasp flies near me, I run away."
Figuratively: "Every time a WASP comes near me, I walk away."
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).
Precedes or follows either a gratuitously disrespectful or honest remark, originated in New York City. Used in similar fashion to "no offense" or "to be honest," interchangeably.
Ya mans is wild buns, respectfully. Respectfully he's washed.
After school, The Modells on Jamaica Ave was active. Respectfully.