Believed by many to be a common misspelling of would, however, it is just the inquisitive form of would. Important note: Whood is not the inquisitive version of wood.
Jay: Whould you f*ck a sheep?
Brent: No, ew.
Jay: I'm saying if you were a sheep, whould you f*ck a sheep?
Brent: Well, in that case, you bet your sweet ass I would.
Jay: Dirty sheep f*cker!
Suggesting something to someone, but you actually wanting to do it.
dude: You whould blow me.
Chick: what do you mean would?! I've never blown you!
dude: I said WHOULD not WOULD! Now blow me, bitch.