Most commonly used in the north of scotland (Edinburgh/Fife) it can be used as an offensive word (1),description of a gathering of young people (2), Or a general representation of all Sweatsuit-wearing, load talking, slang using Alchoholics in scotland (3)
Example of N.E.D
(1) "Aye right you wee fucking ned, I will fuckin shag your maww!!