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Well the term is used to define the movement of smelling your mothers mums genitalia.

Often used in a term of great anger or if you seriously hate the victim of the harsh verbal attack.

It can also be accompanied by the hand signal of the smallest finger on your hand.
"Piss off you Wanker"... "Oi, Eric 'Go Smell Your Nan'" Uses little finger...
by 'Shyte November 11, 2006