This is a term used to describe some who is both a dick and an idiot.

It comes from a combination of the word "wang" and the term "basket case"
"You sold my X-Box for 40 bucks? You're a complete wangbasket!"
by Agraxor October 24, 2005
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1. (n.) A stupid person.
2. (n.) A carrying case for a wang.
1. You're all such intolerable wangbaskets.
2. Hold on, let me get something out of my wangbasket.
by siv0r March 24, 2004
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