The British exclamation is a combination of words that mean, respectively, "sodomize" and "ejaculate" and is an exclamation of surprise, anger, frustration, etc. (probably) equivalent to Russian Них*я себе! или Вот черт! Americans don't really use either of these words, except for urban youth, perhaps, who say "Blast!" when they get caught doing something, or when something they feared would go wrong - goes wrong.