A descriptive term typically used in the context of describing one's environment and conjunctive to the presence of 'weapons' aka (lads that have mod haircuts, are decked out in pretty green clothing and walking around like the 'big'un'). It is the state of a location, often a pub, club or possibly shopping centre, in which said location is recognised to be unduly abound with lads of weapon-esque demeanour.
*ring ring* > Dan: Hello??
Nick: Hey mate thinking on coming down, what's varsity like?
Dan: Man City match mate, don't bother. This place is armed!