A guineasaurus rex is an off the boatitalian american, or a guido. They usually have sex promiscuously with multiple partners in college. They enjoy saying things like "fucking skanks" and "Jaeger Bombs!" while pointing around the room.
the words gump and tyrannosaurus rex put together. to be gumpy means to look stupid or really goofy or lame. a tyrannosaurus rex is the gumpiest dinosaur ever. so when you call someone a gumpasaurus rex you are saying that they are far beyond being gumpy.
mike: look at josh over there, hes such a weirdo.
sam: wow he looks really goofy, call him over here.
mike: hey you, gumpasaurus rex, come over here!