It's easier than that, the meaning is defined by the previous word. Although you do have to be an Aussie to know that being called a "sick cunt" is high praise, while being a "dog cunt" is a mortal insult.
It also depends on how long you stretch the word cunt. Shorter cunt usually infers insult, longer cunts belie respect, and if it goes for more than a second, you’re probably watching Aussie rules footie or the cricket and something bad/good happened, depending on whether the pitch goes up or down in the last milliseconds.