With a red "X" over a white background, Victor stands for "V" in the signal flag alphabet. I agree, it would make much more sense if they used this flag for Xray ("X"). But it's too late for us to switch them so I guess just get used to it. I am on board with the name Victor though, everyone gets to feel like a winner.
This is the general request for assistance flag. Whiskey (LINK) gets more specific, so if you see this one be prepared to provide a variety of types of help. Note: I don't think this is for stuff like "I need someone to give me a shoulder rub".
When displayed with a number, Victor is used to signify speed in km/h.
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