verb

• (UK, Australia, New Zealand, slang) To play truant from school.
  ""My misfortunes all began in wagging, Sir; but what could I do, exceptin' wag?" "Excepting what?" said Mr. Carker. "Wag, Sir. Wagging from school." "Do you mean pretending to go there, and not going?" said Mr. Carker. "Yes, Sir, that's wagging, Sir.""
• (intransitive, chiefly obsolete) To go; to proceed; to move; to progress.
  ""Thus we may see," quoth he, "how the world wags.""
• (intransitive, obsolete) To leave; to depart.
  "I will provoke him to 't, or let him wag."
• (intransitive, cricket, slang) Of the tail (lower order of the batting lineup): to score more runs than expected.
  "The tail wagged."

noun

• (informal, originally UK, Ireland) A wife or girlfriend of a sports star or other celebrity, originally and especially of an association football player.
  "The World Cup WAGs are a good example of this. The younger girls, nicknamed the ‘hen-night crowd’ and led by Colleen McLoughlin, dance on tables and drink until the early hours while No. 1 WAG Victoria Beckham remains aloof, dining sedately with Ashley Cole’s fiancee, Cheryl Tweedy."

noun

• (informal, business or military slang, US) A wild-assed guess; a rough estimate.