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Stands for 'Get your cunt out'. Generally used when something has gone well, or telling a female to show her genitalia.
Can also be GYFCO, meaning 'Get your fucking cunt out'. This is simply to reinforce the original meaning.
Sean: Adam, I just ate bacon and its amazing
Adam: GYCO!
James: Oi Helena, GYFCO
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To say to a female GYCO, means to have them show and/or fondle their cunt.
Oi woman, get your cunt out (GYCO)
or
Oi woman, GYCO.
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Abbreviation for "Get your chopper out", meaning asking someone to get their penis out. Also better known as "get your cock out" .