adj. Some wave the flag. Others wag the wang.
Real citation: "If this were indeed the right moment to finally expose the true identity of Mr. X, we could entertain you with details aplenty about pecker-waggy, booze-swilly scandal, for Mr. X, who isn't and never was Karl Rove or Steve Pool or Kathi Goertzen, has allegedly been swilling the booze and wagging the pecker at pseudo-willing and mostly gay men in pseudo-salacious and mostly gay circumstances since the peckers and the booze and the gays were invented."
(Adrian Ryan, "Burning Plastic - You want to fuck a newscaster?," Aug. 11, 2005, The Stranger, http://www.thestranger.com/seattle/Content?oid=22583)
Made-up citation: "Correlation does not imply causation, but recent studies show that my pecker-wagginess on Thursday should be entirely blamed on the bucket of booze and plate of crack."