A word used in place of something that you've forgotten the name of, or in the case of being verbally lazy you may use this to replace all things! This can also be used in a sexual reference... for istance "wangdangler". Or you may just creat combos like Wangfangler.... fangwangler...dangfangler... and so on.
Excuse me, can you hand me one of those fanedanglers, they look delicious.
I was at my boyfriends house last night... he's such a wangdangler.