A "whatever" responce to an insult. Indicting that the person went nowhere in life by making that comment. Espescially since it wasn't true. It is a phrase spoken more commenly by girls than guys.
Girl 1: I heard what you did with _insert name here_ at the party last night. Whore!
Person 1: "So how was your Summer?"
Person 2: "I coolliked, and we were doing some nasty stuff but then my Mom caught us together...and she got rid of our refrigerator."
Person 1: "..."