  We present the first time-resolved spectroscopic study of the cataclysmic
variable DW Cancri. We have determined an orbital period of 86.10 +- 0.05 min,
which places the system very close to the observed minimum period of
hydrogen-rich cataclysmic variables. This invalidates previous speculations of
DW Cnc being either a permanent superhumper below the period minimum or a
nova-like variable with an orbital period longer than 3 hours showing
quasi-periodic oscillations. The Balmer and HeI lines have double-peaked
profiles and exhibit an intense S-wave component moving with the orbital
period. Remarkably, the Balmer and HeI radial velocity curves are modulated at
two periods: 86.10 +- 0.05 min (orbital) and 38.58 +- 0.02 min. The same short
period is found in the equivalent width variations of the single-peaked HeII
4686 line. We also present time-resolved photometry of the system which shows a
highly-coherent variation at 38.51 min, consistent with the short spectroscopic
period. The large number of similarities with the short-period intermediate
polar V1025 Cen lead us to suggest that DW Cnc is another intermediate polar
below the period gap, and we tentatively identify the photometric and
spectroscopic 38-min signals with the white dwarf spin period. DW Cnc has never
been observed to undergo an outburst, but it occasionally exhibits low states
\~2 mag fainter than its typical brightness level of V~14.5, resembling the
behaviour of the high mass-transfer VY Scl stars.
