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1.
popularized from Jay and Silent Bob Strike Back

You say when a cop is Strip Searching you in Public.

meaning "What the Fuck?" and referencing the Al Pacino Cop-Drama "Serpico".

Or when you are accused of something by someone.
A cop strip search's a man for alledged marijuana dealing.

Dealer: What the fuck, Serpico?

Then he spreads his ass cheecks and farts.

Friend 1: Tommy, did you jerk off in those socks again?

Tommy: WTF Serpico?
by Playhouse July 18, 2009