An insult from an American railed at a British person for often trivial matters such as not conforming to their spellings, such as "colour/color". This is done without taking into consideration that the American spelling is just a regional variation, and that the British can't be incorrect because it is the land where the English language was conceived and the first people to speak it.
"You limey bastards can't spell color right!"
A stuck up resident of the sewer known as England who lack any sense of humor and take themselves as seriously as the French when an American decides to make fun of them. usually caused by their lack of sunlight and tasteless, nauseating diet.
Fuck off if you cant take a joke, you miserable snaggletoothed limey bastard.