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1.
A random assembly of two words, same meaning as underwear.

Mostly for humor, a favorite word of many.
lol WTf I CNA see ur underwareZ11!!!>!!11
автор: RoxRox 15 октября 2005
 
2.
Inappropriately appropriated gratification; ill-gotten getting off. Derived from underwear, that being the usual location of the pleasure derived from underwarez, and warez.

That is a broad definition. Depending upon circumstances, the specific meaning could be anything from shaking hands with the unemployed, to cheating on your partner, to incest.
Not with your sister, you jerk! That's underwarez!

Don't stick your hand in your underwarez in public!

Stop shopping at the middle school, there's nothing there but underwarez!
автор: FridgeRaider 24 декабря 2006