It's complete agreement in what is being said.
That car is sick
I know right

That movie scared the crap outta me
I know right
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It is what people of Hispanic descent say when they are in agreement with something that was said.... usually with an accent.
Quote from Pineapple Express:

Seth Rogen: *in his car singing ELECTRIC AVENUE*

Hispanic guys: *also singing it pull up next to him*

Seth Rogen: Hey Electric Avenue!!

Hispanic guy 1: ay no, RIIIIIIGHT?!!!!! (I KNOW RIGHT!?)
Take that shit to the next level, eh?

Seth Rogen: Ok... I will! :)

Hispanic guy 1: Orale.... *to hispanic guy 2* es pinche fresa (he is a fruit---a strawberry...)
by RENZthe July 22, 2010
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An affirmation that you agree with or can relate to the preceding statement. It can be used whether the speaker actually knows or not, but in the latter case it usually means that the speaker can attribute the preceding statement to themselves as well.
"I got so drunk at the party that I puked when I got home." "I know, right? I think I might have barfed up stuff from last year."

"My parents are such trogs." "I know right? Mine think my LJ is a literal notebook."
by Kevin Fox April 30, 2008
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An extremely fucking annoying expression used by everyone at school to say they are in total agreement. Usually used by dumbshits who think they are cool.

It has even become so popular that it is abbreviated "IKR" via texts and Internet, particularly Facebook.
Curtis: "Dang, that test was not even close to as hard as I thought it would be."

Shawna: "I know right?"


Trey: "Man, this lunch is so good!"

Shawna: "I know right?"

Cool kid: "SHUT THE FUCK UP ALREADY! NO, I DO NOT KNOW IF YOU KNOW!"
by Cool Kid AKA Dudio March 28, 2009
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This is a recently popular expression of agreement that carries a subtext. It is more than agreement with an idea (observation, opinion); it is a friendly assertion that the speaker has already had the same idea–as in, "yeah, I know"–but it goes further: it seeks validation for the speaker's claim of precedence, from the very person whose claim he's jumping. The subtext might be "Oh, you took my idea; you should be agreeing with ME, not vice versa."
Student: I couldn't pay attention to the lecture because of that ball of sweat hanging from the professor's nose.

Classmate: I KNOW, right?
by justcary December 4, 2010
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This statement is used by dumbfucks to agree with something. Little do they know, they are asking the other person if they know. Whenever someone uses this idiotic phrase on me, I reply, "Why are you asking me?"
I love beer.

I know right?

How am I supposed to know if you know? Dumbass.
by pseudonympseudonympseudonym August 2, 2008
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A way to agree with someone. Saying you had that same idea in your head.
Carrie: I can't belive Alvin cut her hair like that!
Lisha: I know, right?
by dicesha April 23, 2008
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