This abbreviation used to stand for
World Wide Web.
It now stands for the activity which surrounds most of the time in which the web is browsed - Wanking While Watching (another video stream or live webcam) or, Wanking While Waiting (for the next lot of porn to download).
(For the Brit-ignorant, Wanking is the same as jerking-off/
Whippin Mr
Zippy/Polishing the PurplePink Pole, over here in Limey-Land.)