Used to describe a situation that is utterly fucked up and/or shitty and/or bloody and/or tit-wankish. Can also be for a disagreement. Should be said in an english accent as an exclamation or interjection.
"You're a cocktit." This is just fuckshitbloodytitwank!
wait wait wait... a Fuck Shit Bloody Tit Wank? I love pizza too! -C. Tony