A term used to describe a person, place, situation or thing that is worthless and potentially harmful. Blunt guts are often discarded in trash recepticles and out windows, and using this term implies that such persons, situations etc should be discarded in a similar fashion.
"Ay, what happened wit you and shawty from the club last night?" "Aww man that ol' blunt gut ass broad took me to her raggedy bootsy ass house and gave me roaches AND crabs!" or "We got on the wrong onramp and ended up in Blunt gut IOWA"