it is a word for nothing. but it's purpose is just that - since there is no real meaning, no one else knows what it means. if you need a way out of something, you use this word, no one knows what your talking about, so they'll feel stupid.
"Wait, you don't know what a cleveland steamer is?
"Man, shut up. You're such a putcher!"
"What the hell is a putcher?"
"What! You don't know what a putcher is? You're one to talk then."