A
marginally acceptable form of the word "cunt".
Highlighted by a joke involving a teacher applying for a new job. The principal asks her name and she says "Miss
Franny". "Ooh, I don't think I'll remember that" says the principal. "It's easy" says the teacher, "just think of Fanny with an R". The teacher gets the job and the next day when the principal is introducing her to her new class he says "Children, I'd like you to meet your new teacher... Miss
Crunt!"
For all the
bemused Americans - "fanny" in Australia and Britain means "vagina", not "butt".