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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
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.
Abbreviation for "Get your chopper out", meaning asking someone to get their penis out. Also better known as "get your cock out" .