Cockwaffle is a slang insult.
It is synonymous to fuckhead, asshole or asshead.
The earliest source, where the term appears is in the first Urban Dictionary entry on the subject, from 2005.
The definition discusses, how the expression was born on a random cuss word generator and got adopted because of its funny nature.
It is said that the combination is intentional; cock refers to the looks of the insulted one, while waffle is a metaphor for their brain contents.
Spread and Usage
“Cockwaffle” got further popularized by a 2007 furry comic.
The furtagonist is initially expressing its love for the waffle by hugging it then upon kissing the phallic waffle, it discovers syrup flowing out the top – a clear reference to semen.
The comic had spread to Furnation as well as Funnyjunk and various other online platforms.
A Twitter user even wished the comic happy birthday in 2017, the day it was published ten years prior.