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1.
Means hello, anything new in your life? Identical to wagwaan and wagwan, but is spelt wag1 on chat websites, because it is quicker to type.
Wag1, meh bedrins?
de Krackpipe 15 décembre 2003
 
2.
'wah gwan' means 'whats going on', taken from the carribean accent 'patois' and daily used as UK slang talk for hello, spelt as 'Wag1' on chat sites and MSN as it takes less time to type
(i)person 1: wag1
person 2: nothing much

(ii)person 1: im mad
person 2: why wah gwan?

use it in any other way and your using it wrong!
de Koozee 30 avril 2008
 
3.
whats going on? wats up?
You: yo was up wag 1
Friend:nothing you
de <>morgan <> 4 mai 2006
 
4.
Translates to "what's going on?" from wagwaan or wagwan. Means "what's up?" "what's happening in your life?" or even just "hi, how are you?". Used as an internet slang greeting.
guy1: wag1
guy2: safe
de Sarah Potter 2 mai 2007