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1.
Greeting in the Patois dialect of Jamaica, rather than a "bastardization" of "What's going on" though it is the equivelant.

Originally evolved out of the dialect formed by African slaves being taught to speak english by the British in Jamaica during the peak of sugar plantations.
Used in a greeting as, "Hey mon, wagwan".
автор: Chopin_Amateur 28 июня 2006
 
2.
Bastardization of "What's going on?"
Wagwan my brotha
автор: Nama 30 сентября 2003
 
3.
Jamaican slang for "what's going on?"
Used as a greeting: "Wa gwan Fred?" or simply "Wa-gwan!"
Used as a question: "Wa gwan(ing) with that?"
автор: Paul Dixon 20 марта 2006
 
4.
My London boys told me that Wag Wan is slang mostly used in Hackney and it means 'Whats Going On '

Wag Wan - Whats going on say it slow it sounds like whats going on

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1 - "Hello Mate"
2 - "Wag Wan Brov"
автор: B-man the don 22 сентября 2006
 
5.
used in the same context as whats up? or hows it going?
yo wa gwan starr?
автор: Kile 8 апреля 2003
 
6.
a formal greetin between 2 homies who known each other since bak in da day:"wats going on?"
"Yo wa gwan blud?"
"nutin man just chillin"
автор: jazman 20 июня 2003
 
7.
It means a cut/chopped off head of the penis
Douch: "Ahaa, nice hair mop-head!"
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Mop-Head:*angrily* "Yeah, GOOD ONE WAG-WAN"
автор: InventorOfWag-Wan 12 января 2010