An msn messenger shortcut for the wiggly eyebrowed emoticon which has come into popular use in other online/text chat situations even when not attached to the actual image. Used either when 1. bragging about something that you know will piss the viewer off immensely or 2. used with sarcastic cyber sex connotations.
3. Can be used on it's own for comic effect.
1. hey man, i got £50 from my dad last night, just for washing his car :m