1. A self-centered, egotistical, and generally deplorable individual who, even still, possesses several enviable qualities.
2. An alternative dichotomy when identifying a "prick," "dickhead," or "douche."
See also, jaggoff.
A: "That doucher stole my hot-ass girlfriend."
B: "What a wangbeat."
A: "That prick just cut me off, but look at his ride."
B: "Wangbeat."
Wangbeat
The gay electrician was a wangbeat in his spare time!