Refers to a woman's genitalia. However seldomly refers to a woman. If referred to a woman, considered highly offensive. In the US 'cunt' is seen as an extremely offensive word. However in Australia, 'cunt' is a common term used by males to refer to their other male friends. Seldomly used on women. Can be used to denote an idiot or someone you despise. Usually this person has done something significant to be called a 'cunt'. Older generation of Australians who prefer using the word 'mate' detest this word, however the younger generation are using this word more frequently.
"Oi Cunt! How are ya?" (Aussie young Bloke 1)
"Good mate!" (Aussie young bloke 2)