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put my mouth where your diamond is 

Take of on "put your money where your mouth is", meant to offer a "treat" to your loved one
"Sorry for that, but oh what a great 60 seconds! please, allow me to return a favor"

"Oh, you're just saying"
"No, I am willing to put my mouth where your diamond is"

but the point of the story is, your mother's a whore 

1.When you are telling a story and have engaged a listener but realize that the climax of the story is not nearly as enthralling as the build up, this phrase is used to complete your story with an unexpected slam on the listener instead of trailing it off at the end and disappointing yourself and your audience.

2. Alternative ending to a "and then I found five dollars" type of story.
"Today I got to work a little late and there were rumors about my company letting some people go. This afternoon, my boss called me into his office and sat me down across from him with a solemn look on his face... and well, he didn't fire me, but the point of the story is, your mother's a whore."

Your mother is a cankerous whore

Jack Blade quote from Tropic Thunder. His character was experiencing withdrawl from cocaine and he was tied to a tree. Crazy shit ensued.

Basically, It means your mother sleeps with everyone and has deseases between her legs, and most likely, you are unwanted crotchspawn.
"Your mother is a cankerous whore!"
"Damn."
"Hey, remember that time I called your mother a cankerous whore? I didn't mean it man, she's a nice lady." - Tropic Thunder