Quite clearly a misspelling of the phrase "you will see". It is used primarily to indicate that something bad is going to happen in someone's future and that they are oblivious to the fact that it will happen. Often times, if someone is being groundlessly arrogant, a good "ull c" will let them know that you see straight through them. Also, if you are having an argument with someone, you can drop a"ull c" to give them some existential dread that something bad is going to happen to them.
Cocky kid: Haha! that Calculus quiz was so easy!!
Me: Oh really?
Cocky kid: yeah!!! i finished in like 2 minutes!!
Me: Just wait until the test... ull c.
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