Originally coined during a porn movie from Eastern Europe, fucking k'nice is now used to describe anything that is great, cool, fun, or anything similar to these words.
"Hey man, 24 is coming on in 15 minutes! Get your ass in here!" - person one
"Oh, fucking k'nice, i love that show" - person two
"Illinois beat Michigan earlier today, it's fucking k'nice!"
"Ohh your pussy is real great, it's fucking k'nice!"
Said sarcastically after a situation you don't like but feel the need to say something to alleviate frustration.
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Without the sarcasm it can also be used to show approval or as a compliment.
Mike: Dude, your girlfriend totally ditched us at the bar.
Me: Nice. Real Fuckin Nice.
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Stripper: hey cutie, I want to give you a lap dance and rock your world!
Me: Nice. Real Fuckin Nice.
Jealous Mike: What? Where's my lap dance?? Nice. Real Fuckin Nice.