1). an onomatopoeia, the sound one makes when delightfully rapidly ingesting something delicious, the context most often used is when scarfing down a delicious food, such as a cookie or sandvich.
2). the phrase is near commonplace on the internet but originated with Sesame Street's Cookie Monster
3). the sound is also used in Team Fortress 2 when the Heavy class eats a deliciously looking "sandvich" after becoming damaged and regains full health.
Cookie Monster: (while making a mess, shoveling what appear to be chocolate chip cookies into his mouth) NOM NOM NOM!
Heavy: "What was dat sandvich? Kill dem all? Good idea! Ahahaha!" (bites sandwich) Nom nom nom...
The act of eating or stuffing one's face with delicious snacks, treats, hot dogs, KY jelly, Man-Meat, monkey shit, etc...
-Hey are you eating my fucking KY jelly you FREAK!!
-NOM NOMNOM!!
-Ohh Goddamnit Jerry!! This is the 5th fucking time!! You have to stop!!! Eat your Cheerios instead!! Fucking teething little 8 month infant!!!