Panel 4: Wakko was called 'fakewakko' at the time by spot, because when he first showed up on IRC, Wakko was still occasionally roleplayed by others, usually Keeper or Dot. Spot also called him 'wabba' to evil him, because he'd been saying how much he hated the music of ABBA. Squit, a.k.a. WakkoJr, nowadays goes by the nick Almanzo.
Panels 5, 6: I'm such a showoff. It's actually pretty hard to write coherently using only seven-letter words... it's really hard to do it on the fly, which is why you never see "Speaks only in seven-letter words" as a quirk in the Party Quirks game on Whose Line Is It Anyway.