It's the evolution of me cago en tus muertos and it miens "I shit over your dead parent's ass cracks"
If me cago en tus muertos is really offensive, imagine saying this in a public space... Everyone would kill you
Sometimes it can also be pronounced: me cago'n la raja de tos tus muertos
Person 1: Work you stupid andaluz!
Person 2: Me cago en la raja de todos tus muertos!!! Trabaja tu!!!