What's a vududash!?!? This is a
Vududash. Also,
this. You wavedash with Luigi, use a fireball, and then slide off the stage. This allows Luigi to fly very far in the air. You'll notice it's much farther than Luigi is normally able to travel in the air.
This is why it happens. When you normally slide off a ledge, e.g. ledge canceling an aerial or just dashing off, if you are moving faster than you maximum air speed, your speed will be reduced to your maximum air speed upon entering the air. If you are moving slower, then you just move off at that speed. Entering a teeter before going off the ledge probably also affects your speed, but I don't know the specifics
However, specials moves allow you to maintain ALL of your speed when you enter the are. When you are using a special move, the game doesn't restrict your character's momentum. Further,
special moves cannot be edge canceled. None of them. If you are using a special move and go sliding off a ledge, you will remain in that special move animation. Sometimes, for certain moves, the animation will change from a grounded animation to an aerial animation. For Peach's bomber, she transitions from grounded landing lag into aerial ending lag. If Peach slides off on frame 5 of her side-b landing lag, she will enter the air on frame 6 of her aerial ending lag of side-b.
So, some characters can gain a lot of speed and then use a special move right before sliding off the ledge in order to maintain that speed. If Luigi wavedashes off a ledge, he'll quickly slow down upon entering the air. If he uses a fireball before sliding off, he will keep that speed and fly through the air. It should be noted that a lot of special moves physically change your character's speed, e.g. all up-b's, Falcon's side-b, Fox's side-b, Marth's side-b, Marth's down-b, Falco's down-b, etc. These speed changing effects will take over the conserved momentum carried off the edge. This is why Vudu dashing doesn't work with the rest of Luigi's special moves.
EDIT: I lied, some can be edge canceled (IC's neutral-b is the only one I know so far). I'm going to have to look further into this.