Much like widget, gadget, thingamajig, thingamabob (et al.), wing wang (sometimes hyphenated) is a placeholder name for a real thing. For instance, the widget is broken. Or the thingamajig is loose. These are words that can be used in place of actual items who’s identity are not known.
I am in favor for the increased useage of wing wang. For example, “the wing wang detached so the phlange panel fell off”. Using the term, wing wang is a great way to add variety to your repertoire.
Further, I admonish the usage of the word wang in its verb form. Wang v. To hit or strike with great force. Ex. I wanged my knee against the table.