commonly used in any situation when the correct word does not immediately spring to mind. Has also been used as a word in it's own right when deemed appropriate. Often possible to understand a whole conversation with many "wassaname" substitutions.
THE BEST YOUTUBE CONTENT I HAVE EVER SEEN. WASIANGAMER03 IS THE BEST STREAMER ON TWITCH NO CAP! I LOVE WHEN HE GOES WOOOOOOOOOO! I NEVER MISS ONE STREAM!
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.