Real Dictionary

wasp
WASP is used to refer to the people in American society whose ancestors came from northern Europe, especially England, and who are considered to have a lot of power and influence. WASP is an abbreviation for 'White Anglo-Saxon Protestant'.
countable noun: A wasp is an insect with wings and yellow and black stripes across its body. Wasps have a painful sting like a bee but do not produce honey.

WASP in American English
a person who belongs to or is thought of as being part of a white, upper middle-class, northern European, Protestant group that dominates economic, political, and cultural activity in the U.S.
any of various families of winged hymenopteran insects, characterized by a slender body with the abdomen attached by a narrow stalk, biting mouthparts, and, in the females and workers, a vicious sting that can be used repeatedly: some wasps, as the hornet
noun: any of numerous social or solitary hymenopterous insects of the Vespidae, Sphecidae, and allied families, generally having a long, slender body and narrow waist and, in the female, a stinger

WASP in American English 1
adjective: of, pertaining to, or characteristic of WASPs
noun: a white Anglo-Saxon Protestant

WASP in American English 2
noun: a member of the Women's Air Force Service Pilots, an organization disbanded in 1944

wasp in British English
noun: any social hymenopterous insect of the family Vespidae, esp Vespula vulgaris (common wasp), typically having a black-and-yellow body and an ovipositor specialized for stinging
noun acronym for: White Anglo-Saxon Protestant: a person descended from N European, usually Protestant stock, forming a group often considered the most dominant, privileged, and influential in American society