a.k.a. snatched wig, snatching weaves
Usually heard or written after “snatched,” it expresses excitement or happiness. Another version of "snatching weaves" it usually comes with a GPOY or a GIF of a bald person for added humor.

Historical perspective: According to Urban Dictionary it basically means like you're shook. Like something exciting or crazy just happened that made you so shocked that your wig flew off so in short: wig! But if you wanna spice things up you can add an action after that's a synonym for flew or gone. For example, "Wig incinerated" or  "1: I got free tickets to Katy Perry's show! 2: No way OMG wig!"
See also : hunty  bye Felicia  OG  
NetLingo Classification: Online Jargon