This word is meant to describe both female and male drivers, or individuals in general who display behaviors that would suggest they have a large coconut crammed up their vagina or mangina. Similar to douchebag and bitch. Derived from cunt and can be used in stay of, if one wishes to be less obscene.
(To woman going slow down the street using a blinker, but no intentions of turning or moving over.) "Get out of my way already you Coconunt!"