This word doesn't mean anything to anybody that counts as a person. It is below slang. It is a non-word. It is most often used by people attempting to look cool instead of just stupid.
A racist term refering to the color of a tanned Native American hide that is often used by ignorant individuals who believe the work to be totally innocent.
"Don't call me a redskin, motherfucker!"
"What? It's true...your skin's as red as the blood on my injun scrotum tobacco pouch!"