Pronounced like whomp, WAMP stands for Where Are My Pants? This is a 'game' often played the morning after crazy drunken sex with a stranger. Once pants have been located, one may exclaim 'WAMP WAMP.'
Traci: Are you coming to class?
Betty: Yes, I just have to play a round of WAMP first...
Sara: Did you find them?
Betty: Yeah, on the front porch! WAMP WAMP.
The phrase said by a random anchovie multiple times in SpongeBob SquarePants in the episode "I'm Your Biggest Fanatic" whenever Kevin got stung by a Jellyfish. In the episode, Kevin was trying to get SpongeBob to get hurt in a "rigorous test".