1. A euphemism combined with a metaphor: Knob: euphemism for dick head, penis (cf. "get my knob polished"). Slobber: visible pre-cum (pre-ejaculate fluid) emanating from the penis, so called because the fluid is clear and visually resembles drool or spittle.
2. By extension, knob slobber can also mean a dick head bearing visible saliva (spittle) from fellatio, together with pre-ejaculate. The combination of the two is also clear.
A related term is knob slob, a giver of messy blowjobs.
--"Timm pre-cums so much his knob slobber looks like a deluge."
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