A mixture of Nice (or gnarly or any "cool" word with an "n" sound for that matter) and, obviously, Awesome.
Etymology: Invented by Drew
Nutter, this word was originally spelt "
Nawesome." Drew then decided that just one letter wasnt enough to do justice to the other word (nice, gnarly, or whatever you like) so he added a "G" as in "gnarly" to make it
Gnawesome. Soon after, he decided a "K" was a more attractive letter to use, so he made it "Knawesome."