1) Literally just means "NO" or more precise "HELL NO"
2) An immediate rejection of an idea or proposal by someone.
3) It can also imply words like "No way" , "Are you crazy" etc..
This word is largely used by Hispanics, mostly soccer players and mostly who which reside in Miami, FL. Origins are unknown.
Hey Sergio, do you want to play soccer after the gym ?
Nuquitaa ! I'm going to be way too tired after.