Castillian lingo for vagina, muff and cunt; it's also an experssion of surprise and/or deep deception. It finds it's etymology in the latin word cŭnnus.
Sorry for south-american Spanish speakers but
cuño is just a big fucking spelling mistake, the only non-Castlillian menaning of coño are "stingy", "individual" and "
Spaniard" as referend in Chile, Venezuela and Ecuador (Spanish Royal academy of Language certified).
For further use of the word, sufix can be added such as ~
ito,
ita,
azo,...
Carlota, comete el coñito del pollo
"
carlota, eat
the chicken's cunt"
Deja de arrascarte el coño
"Stop scratching your muff"
In setting, you are undressing a GIRL and she's got the biggest cock hanging out of the pants, then you agonize and scream "coño"!!!!! while crying and running away of course.
Alternatively, you pick up a smoking hot girl in a club, and she is easy, so lose she finds hard to keep her legs closed, you of course know she might have more AIDS than are known to man, but a condom will do the trick, then once u are alone with her and on business you realize u run out of condoms, then you are rightfully in the situation to scream "coño
ostia puta joder!!!"