It is often confused with neet, a slang word which has similar meaning to the aforementioned word but is instead, often used offensively and is classed as a swear word. (Go to bramhallhigh.stockport.sch.uk for more information.)
There are a few variations of the word, such as neety (adjective) or neeted (adverb). When used in a sentence, one would say "He wore neety shoes". For neeted, one would say "She just got neeted"
The word has had quite a history at Bramhall High school (a comprehensive school in Stockport, full of gneets). The term, neet, was originally penned by David Cameron, but it spread to the school through an assembly held by G.W Thomas, the school's Deputy Head, in late 2011.
After a year and a half of students using the word in secret to describe other students, in word got out. Small gneety conflict broke out, such as headlocks, punching and even the theft of ties. It is a very recent occurrence, and could lead to a full-on class war. Funnily enough, only smaller students (who were not neets) were picked on by the neets. It shows the true nature of neets: cowards who need to pick on small people so they can feel good about themselves. Non-neets never even wanted conflict (or really cared), and most of them didn't fight back. The conflict is still continuing.
"Let's not go down that alleyway, it's full of Neets"