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1.
The Lone Ranger was a long-running early radio and television show based on a masked cowboy in the American Old West, who gallops about righting injustices, usually with the aid of a clever and laconic American Indian called Tonto, and his horse Silver.

Tonto greets the Lone Ranger with the expression "kemosabe", which has also been written "Kemo Sabe" or "Kemo Sabhay". The origin of this expression is somewhat unclear, but James Jewell, an early director of the radio series, said the name comes from a boy's camp located on Mullett Lake, Michigan that his father-in-law had run from 1911 to 1941. The translation was said to mean "trusty scout." Fran Striker, the writer of the Lone Ranger scripts, said the actual expression was Ta-i ke-mo sah-bee, which he said meant "greetings trusty scout". In the pilot of the Clayton Moore TV series, "Enter the Lone Ranger", Tonto explicitly states that "Kemosabe" means "trusty scout".

However, the phrase "faithful friend" has also been associated with the term Kemo Sabe.

Some of the information here was taken from Wikipedia, thanks to those guys.
Right: Hey there, Kimosabe (friend to a friend)
Wrong: This guy is my Kimosabe (not used for introductions)
by The Other Luke Jackson August 08, 2006
 
2.
a phrase used by out-of-touch librarians to refer to her underlings when she disagrees with a valid request
"You want voicemail? Oh no, kimosabe. That won't be happening at this library."

"Listen here, kimosabe, we're not getting direct deposit at this library no matter how many employees want it."

by A Shining Star November 24, 2008
 
3.
An exclamation of joy, drunkenness, or horniness. Typically, used when one is on the verge of blacking out, seeing/getting some from a beautiful woman, or witnessing an amazing athletic play.
Oh shit, look at that girl! OH KIMOSABE!

SO BLACKED OUT! OH KIMOSABE!
by NDBro November 26, 2010
 
4.
A word usually used to describe a "dwarf" and or a persons with a small chode in the shape of ones shit.
"Damn I heard davis had a kimosabe stay away from that dirty canso sailor"
by Sir. Flapjack March 11, 2009