This is a mild insult that means complete dweeb or weirdo. Its a combination of the two words with a Japanese twist.
"Dude, lets smoke some pot"
"No!! You're such a dwido!"
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An abbreviation for 'Driving When It's Dark Out'
(Like in the song by imjustdave_)
Person one: "Yk what's such a mood?"
Person two: "what?"
Person one: "DWIDO"