's equivalent of the Slashdot Effect
where a very large and popular site
links to a much smaller, bandwidth-impaired
site. The massive amounts of people that click on the link to view what all the hubbub
is about create the equivalent of a Distributed Denial Of Service Attack
on the linkee. Servers crash under the load, and admins start crying. all in the desperate search for the next big thing
The name comes from the running joke in the comic about the duo's fixation with penises. One of the earlier comics produced for the site was about how chip clips always end up on the penis, and should be referred to as "wang hangers". The word stuck with the site, and not a single message board post on their site can be found without at least one mention of "wang"