Short for "Fuck University," a fictional university where uber-snooty, holier-than-thou, "I am so much better than you and don't you ever forget it" types are said to graduate from.
When used, it also gives said snobs a "fuck you" message.
Snob: Could you keep your garage door closed? Your Honda is depreciating the market value of our neighborhood.
Dude: Whoa! You must have earned your master's from Fuck U!