its a noun, an adjective and a verb.

noun: "mira esta wea", "que wea?", "weon no se que hacer"

adjective: "te ves como las weas", "eres terrible weon", "mira sacoweas"

verb: "me estas weando", "corta el webeo"

example: la wea(noun) weona(adjective), weon(noun). El webeo(verb) no para.

Depending on your inflection and context it can mean something positive or negative. Not everyone likes hearing people speak like this so when its used its very selective, usually with friends or someone youre befriending but not with strangers when you havent tested the waters. It definitely isnt good manners, so if you have permission to speak freely you do what you want.