In Bowling For Soup’s “The Girl all the Bad Guys Want” Nola is mentioned having/wearing a ‘two way’.
What the heck is it? I’m thinking maybe a two way pager, but I don’t hear people ‘wearing’ pagers so much as ‘carrying’ them…and who uses pagers these days anyway? 
I suspect it’s a two way radio, or walkie-talkie.
These were breifly popular about a year or so ago as consumer electronics, and then sort of fizzled out of vogue… possibly because of Nextel’s walkie-talkie features.
I would guess, given the context, there’s something sexual involved.
Two way pager. My wife used to work at a company that sold both the hardware and the service. She report that they are very popular with the hip-hop crowd. She always points them out in the videos.
According to Urban Dictionary, it is either the aformentioned communications device or a two-headed dildo. I’m assuming its the latter because a female could easily wear it.