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1.
An exclamation used to rip someone else.
Can often be accompanied by a gesticulated gun in the right hand, sometimes drawn from one's inner pocket.
Can be followed by a "kkkkkkkkkkkkkhh" noise.
Timmy trips over his shoelace. Jonny, upon seeing Timmy's discomfort, pulls out his 'Kauf Gun', exclaiming, 'KAUF!', followed by a "kkkkkkkkkkkkkhh" noise.
by J-Ho November 24, 2004
 
2.
Pimp and gangster.
Damn, Brian is hookin' up with another fine ass girl. That motha fucka is a true kauf!
by The Sack Man December 03, 2003