A variation of the world "cool". Orignially, it was built to be synonymous to the word "stupid". It's still in wide use today, but is normally used by n00bs whom are new to the internet.
A word, not just a word, used by kids on screen to show their interest. This made-up word looks attractive but rather annoying to people who study hardcore english. I mean why use cool when u can type a kewler version of cool. KEWLCEPTION.
Guy #1: OMG look!!! Miley Cyrus looks kewl twerking with her chicken ass!