A randomly generated insult, for when you can't think of anything better to say, or can't say a swear word.
"Shut the hell up you stupid fuzzbag!"
The word cockgoggle can be used in many ways, when someone wishes to express general displeasure they would use the cockgoggles form of the word.
Cockgoggles is also the more preferred word to use in place of cockgoggle as an insult, much in the same way you would use the words goggles or pants as opposed to goggle or pant, which should only be used in cases such as referring to a pant leg or a goggle lens.
Person 1: Dude, they decided to replace Cortana with Guilty Spark in Halo 3.
Person 2: Cockgoggles! That's going to ruin the game!
Person 1: Naw man, I'm just messing with you.
Person 2: Man, you can be such a cockgoggles sometimes.