Faggy Waggy is basically just a less offensive way of calling someone a faggot that also makes you seem as if you're looking down at them due to it's childish tone. It works most efficiently if someone is complaining about something childish, or just anything in general.
Michael: Oh my God! This game is so shit! I keep fucking dying!
Adam: Stop being such a faggy waggy.
(Wayg-lee)
1) silly
2) a flat tortilla 3) just awesome
1) carlos: *stuffs watermelon on his head*
girl: "don't be wagly!"
3) girl 1: "why are you being so weird?"
Girl 2: "I'm not weird, I'm just to wagly for you"
A wagey is someone who works a, typically unfulfilling, 9 to 5 job for a paycheck. It is often used by people who are self employed to refer to people who work for faceless corporations.
YouTuber: "This show is made possible by superchats from wageys and groyperss."