Old55
Where does "bollocks" fit in the grand scheme of things?  Wait, I think I should re-phrase that.  

Cod peas?

Bollocks is interchangeable with BS, unless they belong to the dog, in which case they're the best thing since sliced bread. British is one of the most complicated languages in the world. 

So what's next?  Fanny or fags (yes, that means cigarettes/smokes in the UK)? 

ha-I once worked in a large office in New Jersey and needed an eraser.
needless to say,calling out "anyone got a spare rubber" turned a few heads and added to the "crazy aussie" thing.
while I am at it-you guys-a sandwich is not a bread roll!!
cheers

In Honor's Physics, we had an "exchange" professor from the UK.  He never could understand what was so funny when he said "Does anyone have a rubber bong?" (which, in America, is called a "cork").

'Bung'..rubber bung, not 'bong'.
 
We call a cork a cork..when it's made from, you know...cork.

Of course all this kind of confusion happens among the British themselves too. For instance Geordies use the word "tab" for cigarette, which in other regions could be interpreted as LSD, as in "a tab of acid." Imagine the potential for hilarious mishaps!

craigb
So what's next?  Fanny or fags (yes, that means cigarettes/smokes in the UK)? 

True story - in college there was a guy from Kenya where they also used the word that way. One night shortly after we all returned to campus he and I are walking downstairs when we encountered a guy who happened to be named Craig and was a smoker. So he holds out a cigarette he had brought from Kenya to him and utters the words, "Hey Craig, do you want to try a Kenyan fag?". The reaction was truly priceless... 

jamesg1213
'Bung'..rubber bung, not 'bong'.
 
We call a cork a cork..when it's made from, you know...cork.

Well, 'is accent was 'orrible too... 

bapu
Does it ever mean pi$$ off?

It can, but you have to follow it with the pronoun of the second person and onanist.