Australian slang, short for 'shut the fuck up you cunt'. More or less the same as any Australian slang with the word 'cunt' in it, it's meant to be used casually or by some dumbcunt to sound threatening.
Bazza: Stevo did you take my durries ya dumcunt?
Stevo: *on phone, doesn't give a shit*
Bazza: Oi mate I'm fuckin talkin to ya-
Stevo: FUCK UP CUNT! Git off ice, throw the first punch!
By Susanetta
Fuck Up, Cunt
A phrase only currently used by two people on planet Earth. It’s a combination of “fuck off, cunt,” “shut the fuck up, cunt,” and “you’re a fuck up, cunt.” It has more meanings and uses, but the true nature of the phrase is only known by the originator.