It is a reference to the knife, using Monty Python's Kanigit pronounciation.
(v) the act of stabbing someone
Being Owned etc.
(n) A Knife
"KANIF! I KANIFFED THE N00B!"
"Kanif to the face . . . oww"
"Use the Kanif! Everyone knows you run faster with the Kanif!"-Man Rod (Reference to FPS Doug)