Said in a sense of exclamation and celebration. The word can also be used in a sense of displease. Meaning can be determined almost entirely by emphasis and speed of how the word is spoken. The word is most often spoken as itself being the entire sentence.
"Noitch." (a sentence using the word)
"person one: Here is five dollars."
"person two: NOITCH."
"person one: Im sorry sir, but i cannot give you anymore taffy"
"person two: noitch..."