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3.
A class of strong, but smooth liquor. Preferred mostly by black males.
I.E. Hennesy
"Give me a banana cognac, bitch"
 
1.
Cognac is made from a distilled wine.
Cognac comes from the county of "Cognac" in France. If it's made in somewhere else, then it is not Cognac at all.

It is being kept in oak barrels for many years where it will get better tasting and get's it red-brown color.

Years in the barrel:
2 - *****, VS, Sélection, de Luxe
4 - VSOP, VO, Réserve, Vieux
6 - Napoleon, XO, Extra, Royal, Imperial

If your cognac is 20 years old, it still might be XO for example. That is only the minimal requirement.

Cognac DOES NOT get better in the bottle any more, only the years in the oak barrel do matter.
Cognac is expensive, there are cheaper alternatives to get drunk.
by azh July 19, 2004
 
2.
An alcoholic drink: Hennessey (Bottle $40-$4000)

see Hennessey
We sippin cognac at the bar
by NickH. June 21, 2005
 
4.
Slang for a woman with extraordinarily natural beauty.
I love you Cognac, you are soo beautiful!
by Dr. Spills June 02, 2009