if something ironic/funny or just generally bad happens to someone. 'gutted much' is basically just a different way of saying bad luck / unlucky.
1) eric: 'dude i just got an F in my physics exam'
tony: 'gutted much'
2) Two guy's walk through a park and see a group of hot girls.
lance: dave those girls are hot. look cool.
dave: naturally lance, naturally.
*dave falls over*
lance and the group of hot girls all laugh at him.
*dave goes very red*
lance: 'gutted much?! HAHAHHAA'
tony: 'gutted much'
2) Two guy's walk through a park and see a group of hot girls.
lance: dave those girls are hot. look cool.
dave: naturally lance, naturally.
*dave falls over*
lance and the group of hot girls all laugh at him.
*dave goes very red*
lance: 'gutted much?! HAHAHHAA'
by CATH XD November 3, 2006