It refers to a girl with enormous breasts. The term awoogas originated from the sound an observer would make upon seeing the above mentioned enormous breasts.
Charles: Whoa man that girl has huge awoogas!!!!!!!
Dude: OMFGS don't you just want to motor boat that?!
Charles: H3LL Yes (boingoingoingoingoin - sound of p3n15 getting erect)
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