Originally cited in the eponymous Key and Peele sketch, it means "to handle with efficiency and skill more than equal to a given challenge creating a much improved situation esp. while causing discomfort and humiliation to individuals obstructing such improvements".The likely etymology being that waxing a pussy (singular) would merely require wax (and patience). If one were to create a device capable of waxing pussies (multiple) in chained succession, then surely to use such a device on a single pussy would create several effects: 1. the pussy in question would be quickly, effectively and likely painfully waxed (thus improving the situation vis-a-vis 70s bush) 2. Those who might have obstructed such an endeavor would be soundly defeated and publicly humiliated