A portmanteau, comprising hazard and warning. So much more than the sum of its parts... also useful if you're not sure exactly what's going on, which is usually the case in situations of wazzard. Example: There's some wazzard lights up ahead--must have been an accident.
WAZZARD
Meaning of WAZZARD in English
Slang English vocab. Английский сленговый словарь. 2012