DO NOT BE FOOLED! - THIS IS MOST DEFINATELY NOT AN INSULT!!

Someone who is a skanky piece of bitch is someone who is exactly the opposite of the words used! (skanky and bitch)!

A skanky piece of bitch is someone who you would call your best mate (male or female), who is always there for you and is generally a bit of a legend!!
Laura: Thanks, I really appreciate your support.
Becky: That's alright girl! What are friends for?
Laura: Aww I love you, ya skanky-piece-of-bitch!
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