Friday, 5pm: A WARRNAMBOOL stabbing victim who has undergone two surgeries is in a critical condition with potentially life-threatening injuries at a Melbourne hospital.

Jake Poole, 22, of Bennett Street, Portland, was arrested at Glenrowe Avenue at 3am on Friday, interviewed by detectives and been charged with six offences including intentionally causing serious injury.

A bail application in Warrnambool court was late on Friday refused and Mr Poole was remanded in custody until February 9 next year.

He claims he acted in self-defence.

Detective Senior Constable Peter-Jon Wellington, of the Warrnambool police crime investigation unit, said Mr Poole has been house sitting his sister's home in McGregors Road.

At 1.30am the victim went to McGregors Road and told Mr Poole he was owed money by the residents.

He was grabbed by the throat and threatened.

Mr Poole claims items including keys and a mobile phone containing photos of his daughter were missing .

He said he then got hold of a 30cm knife, didn't know where the victim lived, got his sister's dog and the dog led him 850 metres to the victim's home in Glenrowe Avenue. 

There was a scuffle and the victim suffered stab wounds to his leg, stomach and penis, including a laceration to his liver. 

The victim has been flown to the Royal Melbourne Hospital after initial surgery at Warrnambool, has undergone more surgery and is in a critical condition.

Earlier, 1pm: A stabbing victim who underwent surgery on Friday morning is in a critical condition with potentially life-threatening injuries.

Detective Sergeant Andy Raven​, of the Warrnambool police crime investigation unit, said the man’s extensive injuries included a lacerated liver.

Earlier, 8.45am: A WARRNAMBOOL man in his 30s in currently undergoing surgery after being stabbed early on Friday morning.

Detective Sergeant Andy Raven​, of the Warrnambool police crime investigation unit, said police were alerted about 3am.

"​The victim aged in his 30s has gone to a​ Glenrowe Avenue ​address​ in Warrnambool​ ​armed ​with a knife​. There's a suggestion he was there previously during the night," he said.

"There's been an altercation and ​the victim ​he's been stabbed multiple times​. He's received ​penetrative injuries, is currently undergoing surgery and believed to have suffered non life-threatening injuries.

"He's being treated in the Warrnambool Base Hospital and the last condition we had was he's in a serious but stable​ condition."

​Detective Sergeant Raven said a 22-year-old man was arrested at the scene and was currently assisting police with their inquiries.

He will be interviewed on Friday morning and is expected to be charged ​with offences.

Earlier on Thursday night there was an incident between neighbours at Lachlan Street in west Warrnambool. 

"It's understood there was an ongoing dispute between neighbours and someone has thrown something through a window," he said 

"A verbal dispute continued and threats are believed to have been made."

Detective Sergeant Raven said a man has been charged with a range of offences including attempted aggravated burglary after he armed himself with a knife.

"The man has been charged and bailed to appear in the Warrnambool Magistrates Court during November,” he said.

Anyone with information about either incident  is requested to contact investigating officer Detective Senior Constable Craig Wastell at the Warrnambool police station police or Crime Stoppers on 1800 333 000.