Derogatory term used not to define but to offend. Yelled at women dressed overly provocatively when they really shouldn't be - ie: when they're older than 25, younger than 16, heavier than 60 kilo's, when their arse is wider than the taxi they just got out of or when the temperature is below 10 degrees celcius.
'Hey dude check out those cheap lookin sluts waitin to get into that club!' 'Slow the car down a bit man and give it a rev.. *yells out of window* TWO BUCKS!' 'You'd want change out of that too man!'