WAP is a slur used to describe Whites in a derogatory way. Means "White American Princess". Arrogant female whites who flaunt their money around and demand the finest things in life.
The word WAP is a racial slur that has been used historically to degrade and dehumanize whites. The word is still used by some people for this purpose, and it is seen as offensive and hurtful to whites. If you are unsure about whether or not it is appropriate to use the word WAP, it is best to err on the side of caution and avoid using it in any situation.