The smell on your finger when its been in the internal vacinity of a ladies nether garden.
"Have a sniff of my whiffy finger"
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Dude, I can't believe she did all the yayo! It' s one thing to buy blow and share it and someone who can do all the whiffy jiffy in one night by themselves is demented!
So the word 'whiffy' refers to it being smelly or unpleasant, and the work 'Pum' is just another word for vagina or pussy.
Put the two together and you get the gist. Usually used as a more negative adjective.
'Oi bro that cerys has a 'whiffy pum' shes ugly as'