Used the same way as What the?, implying what the hell. It is meant to be said in a sarcastic manner. Wut... teh...
Nick: I'm going to shoot you with a chi blast kamehameha wave.
Steve: What teh....?
Steve: I'm burning a vd before I pick you up. I mean, cd.
Ashley: eww gross, your burning a vd. What teh?
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A short sentence where teh represents profanity as to you not getting in some form of consequence.
What the teh was that?