The smell of someone's armpits when they cut off their sleeves on their T-Shirt. The phrase originates from the George Carlin HBO special, You Are All Diseased.
Jeez, your pits smell like an anchovie's cunt!
The smelliest thing on Earth
Fred: I just got back from the gym, do you think i should shower?
George: God yes, you smell like an anchovie's cunt