Generally stands for 'What the fuck'. Most people use a question
mark afterwards to get the point through. Rather than using the same term for the other 'w's, who, when, where, and why, it makes more sense to actually state the
word and follow it with 'tf'
Capitalization doesn't really matter.
This term can also be likened to 'What the
shit?' which is more comical and has a tantamount meaning.