A splang is another name for a cannabis joint. Probably a mix of the words 'spliff' and 'jang', can also be lengthened to 'splaringe' if the speaker is going out of their way to be obscure.
"this club is pants, i'm gonna nip outside and skan a splang"
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A wang splang is when a male genitelia region (in other words a penis) is taken by the index finger from the bottem and pulled up words. The index finger owner then shouts out "WANG SPLANG" and leaves the room incospiculesly.
Did you see Greg just wang splang Billy?
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The involuntary, orchestral, simultaneous movement of every muscle in your body when you are asleep... You know... that dream, where you are about to fall off a cliff/bike/hooker... then, SPLANG! and you wake up saying... What the Fuck!
Dude, I was so having a great sleep, until I got The Splangs!