Wangy is taken from Indonesian word wangi which mean smells good, but "wangy" is mostly used to indicate someone is sniffing their girl/idol/waifu in a perverted way. Like how Darth Vader or an ugly bastard from an ero doujin breath
Bin: Do you know what happens to all cryptocurrency and modern encryption if a wadgy is discovered?
Brian: Yes, Bin. Using a wadgy, all these logic puzzles can be easily solved, and so they are all therefore broken.
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.