Wads is short for "What a damn shame." If your a club and you go up to to someone and you get turned down you would say WADS. If go up to a keg at a party and it your turn to fill up your cup and realize there is none left... that would be a WADS moments.
Guy: What's up ma you want to roll with me
Girl: Hell no
Guy: Damn ma.. WADS
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