The expression valer verga literally means "to be worth a penis." It is used to denote worthlessness. However, when used as an interjection in reference to a situation, ¡vale verga! or ¡ya valió verga!, means that something went terribly wrong and that there is no way to make it right. Finally, the term valeverga is used in reference to someone who does not care about what other people say, the law and social norms, his or her own future, politics, etc. A valeverga or valeverguista is someone whose answer to most questions would be me vale verga (lit. it's worth a dick to me.)
Paco: Ya valió verga el pase a cuartos de final.
Pepe: Mmmm... me vale verga.
Paco: No cabe duda de que eres un verdadero valeverguista.
Paco: We're done. We didn't make it to quarter finals.
Pepe: Hmmm... I do not give a damn.
Paco: You are a truly devil-may-care mofo.