Ex-Yu countries word. It literally means cunt.
Can also be used as "dickhead" or to describe a really "cheap" person (1).
Another use of this word is amongst friends, as a kind of greeting, when you see a person after a long time has passed. Can be compared to the US term "Dog" (2)
(1) Kakva pizda / What a dickhead
(2) Gdje ti pizdo jedna, nema te 100 godina / Wassup dog, long time not seen.