A term used to describe someone/something who has really annoyed you, who you would normally refer to out loud as a Cunt but can't because of your Boss or someone who might be offended and sack you. It's a mixture of the childish term Willy to describe male gentials and the derogertary term Cunt to describe female gentials, and even though you may sound like a complete twat saying it out loud, because they won't understand what you've said your less likely to get sacked! or punched.
They're last seasons losers i.e. Is from a movie we both enjoy every time someone loses we laugh together at our willilumplump, saying "they're last seasons losers."