It's an insult whereby its like more blurted out to express someone's anger or anguish when things are not going his/her way. It actually means fuck but with more "twist" to spice up the four letter word. Can be used to convey the message that things dont happen the way someone wants it to be. A more appropriate to use such phrase is for example when a guy/girl plays pool or snooker and the ball doesnt go in to the deisred pocket. It can also be used for soccer and other sports etc.
Where as Octav (Simon Octavian) or Jake (Jacob Greenacre) are complete incompetent retards. They call awesome people squishy and feel like they own the world.