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1.
traditionally an Australian expression,varying the tone when spoken these two words can take on many different meanings
1. To get attention.
"oi cunt!" Johnny shouted to his mate Screwy who was on the other end of the piss-trough

2. To get someones attention and direct it 2 somewhwere else.

"oi cunt.." Johnny wispered to Screwy, eye signalling in the direction of the chooney thats about to walk past the new high-tech-see-thru-glass piss trough

"oi cunt.." said Johnny pointing to his oblivious mate,Screwy, whose foot was now in the piss trough


3. To draw attention to the seriousness nature of a conversation and project authority. generally in a 'speaking down to them' manner, esp. used after been spoken down to yourslef

taxi driver: "ure still 30 cents short"
old racist man: "oi cunt..i used 2 break little peoples legs like yours bak in 'nam u fucken slopey
taxi driver: "go fuck yourself, fucken..ill fuck you up. wheres my fucken 30 cents?!?

Random cunt at the pub pointing to Robbo: "Whose this cunt?"
Robbo: "Oi cunt, call me a cunt again and ill fuck your arsetill my cock falls off
Random cunt at the pub: im sorry it wont happen again..
by Max Kaye September 24, 2007
 
2.
A primitive or primitives who cannot fight with words, so always resort to physical violence to assert their dominance over other males. They are defined as "oi cunt"s due to their recurrent use of the phrase.
A group of males are walking along a street when another smaller group of males are walking past. One of the members of the larger group shouts "oi cunt!", generally for no reason at all, some such reasons could include phrases such as "you look like a poof/fag/homo", "your hair/tattoos make you look like..." etc. etc. Then a fight begins to ensue, between the "oi cunt" and a second party who was the target of the "oi cunt"s attacks.
by Chris L____ December 08, 2007