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.