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My favourite phrase which has radically different meanings for Brits and Americans is "I'm going outside to smoke a fag."

It's not uncommon to hear "Can I bum a fag?", which translates to "Please could I have one of your cigarettes?"

Getting pissed is also a good example, imo

In England that can mean either way, depends entirely on context.

Only because of the importation of the American version via movies/tv.

A pissed american will hit you. A pissed englishman will fall over.

Edit : the correct English term is 'pissed off'. As in 'he pissed me off by going to the pub and getting pissed'.

"could care less" is a shortening of "could not care less", and the latter phrase is correct. the words themselves don't mean anything any more, it's a stock phrase.

i think the sentiment is, "I care so little that I don't even want to use all the words needed to say how little I care".