Originally derived from the mishearing of the phrase "shotgun not", in the instance of which, the mishearer may enquire as to what the term means declaring they have mistaken it for 'sugarnut'. In the present day it essentially acts as a general purpose inquiry and is virtually interchangable with "What?".
"What is all this sugarnut shit?"
by Hammond (but M'nd M'nd for short) October 07, 2004