When a person chats so much shit (the waffle begins), the waffling continues to build as they talk more and more shit until they physically take off into the air vertically like a helicopter
TomRob: Me and Tom have bought Rainbow 6 mate." *FAILS TO LOAD UP SAID PURCHASE*
You: "You're a right wafflecopter you son"
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To steal/take something without permission
Origin: taken from an abbreviated term for a dodgy estate in Kendal; Hallgarth - The Garth)
"Get garthed son"
"Sick mate, someone's left a bike here! That's getting garthed!"