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2.
One of the most used sayings, well for New Zealand teens+. I don't know what other countries it has spread too, but its commonly used here.

People yell it from cars to people walking. Or basically its a comeback for an offensive comment made by another. Like "what bitch".
Man1: Hey ya mums fat
Man2: WHAT CUNT
by Supramanz January 27, 2006
 
1.
WAHT CUNT! Self discriptive term that outlays ones feelings of hostility towards another.
Also used as a term of endearment.
Customer- Have you got any peanut butter in your shop, shop lady?
Shop lady- What cunt?

Man- hey i heard you called my girlfirend a slut
Man 2- WHAT CUNT?
Man- Nothing. Sorry
Man 2- WHAT CUNT!
Man- No seriously it was just a joke, she is a slut anyways, I hate that fucking slut.
Man 2- WHAT CUNT?
Man- I fucked your mum
Man 2- WHAT CUNT?

Its quite obvious that in this case here man 2 suffers from a common syndrome called whatcuntitis, which can be caused from over abuse of this term.
by Spideyman August 17, 2006
 
3.
1. exclamation. Usually yelled at a mate when you want them to repeat or rephrase what they just said, particularly if it was provocative
2. question. What one says when they finally get a female into the sack to find out that she isn't what she seems.
"1. So I how's that fat chick you got with last night mate? WHATCUNT!?"
"2. WHATCUNT??? ARGH! SHE'S A DUDE!"
by Muggus November 26, 2003
 
4.
Dan Collett's favourite phrase.
"Hey Dan"

"What?"

"You're fuck all!!"

"What Cunt?"
by turbotiger July 24, 2009