In the US at least, it's a pretty mild form of swearing. "Screwed" would probably be the most common form, as in, "He is screwed if he doesn't study for the exam." "The referees screwed us on the penalty calls."
The problem with the direct "Screw you", is if you aren't good friends with the person, you could find yourself in trouble quick.
You ask your friend for a beer, and he orders you a fruity drink with an umbrella. "Screw you, man!" :smile: :) OK
"Screw you," to a guy that bumps into you on the south side of Chicago. --- You just got shot.