A demeaning and racist term used to insult an Asian from Korea. As dehumanizing as calling a black person a "nigger", or a Chinese person a "chink". This word is not used too often (thank god), but unfortunately the latter is. Racists really are dousche bags.
I refuse to use it as an example as I have a friend who is Korean. I only posted this word so that if you hear it and don't know the meaning, now you know.