A point of order.
I have spent the last decade living in London, but grew up in Australia. In certain social contexts in Oz, as explained by Sprague and Androo, cunt is high praise indeed. However, the liberal use of cunt is likely to get your head bashed in, in my part of South East London. And if you're ever visiting Australia and assume that throwing cunt around willy nilly is a harmless pastime, you might be surprised that even in this purportedly relaxed backwater, context is everything, and someone might box your ears in.
There's also an often unacknowledged element of working class cringe/appropriation to the use of the word cunt in Australia, but this is both a bit more complex than this thread can bear, and probably too specific for most people's interests on here.