Refers to the town of Wappingers Falls, located in Dutchess County New York. Probably the most boring town in New York where nothing ever happens and is full of losers who are never going to amount to anything.
Peter- Hey Ted, you're from The Wapp?
Ted- Yea (sigh).
Peter- I'm surprised you havn't hung yourself yet, that town is so god damn boring.
Ted- I know, I know.