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1.
A now relic term from the 40's indicating an expression of genuine amazement that makes a male want to get his knob out and bosh one out.
Tarquin - "Look at the chebs on her!"

All - "knob out!"
by Kears July 07, 2008
 
2.
knobout is a term used to describe a woman who is quite happy to have a very casual sexual relationship with anyone who want to slap it in her.
alright dave what you up to ??
just going round that old sloshers for a knobout,
you know the coo knobout crack on love,
shes just a knobout (no relationship required!!)
by Im the daddy October 25, 2006
 
3.
An expression of genuine amazement that makes a male want to get his knob out and masturbate
"look at the jugs on that - Knob out"
by Secret Bunny July 10, 2008