Damb good question....
Its a word from Auz a friend brought back when we were in high school and it worked its way into our vocabulary. It sounded cool and probably means something not meant for mixed company.
Recent additions to my unenglish language:
Vagin ( as Borrat says ) is another word that has wormed its way into our work speak so the fairer sex can't wack us with a sexual discrimination complaint. Turns out you can call her a useless stunned Vagin and not get in trouble....