Due to its unusual etymology (which will not be introduced in the interest of brevity), the word can assume a polysemous form -- that is, it can mean everything, yet simultaneously mean nothing. In addition, it is extremely versatile in terms of its usability (i.e., it can take the form of a noun, verb, adjective, etc.).
Translation: "You half-assed it!"
Phrase: "This is Novo."
Translation: "This is boring/stupid/worthless/..."