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I know you are but what am I 

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I was a kid in the 60's.. This phrase was not used by older sophisticated persons.. It was simply a juvenile response to juvenile name calling.. Some dumb kid would say: "You're Stupid" the simple and quick response would be "I know you are but what am I".. Sometimes (probably when first used) a good come back to one who was truly stupid, because it confounds them, confuses them.. "Uh uh uh, um, you're stupid?"
In actuallity, the phrase would go back and forth, several times.. "You're stupid", "I know you are but what am I" "You're dumb", "I know you are but what am I".. "What a jerk", "I know you are but what am I", "Jerk", "I know you are but what am I"...

Just a juvenile thing.. Used so often though (way back when) that til this day, I use the phrase in response to good compliments.. Most people my age, or close too, enjoy and laugh :)

Example: "You're cute" my response "I know you are but what am I" :)
I know you are but what am I by iBilly September 30, 2013

I know you are, but what am I? 

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It's quite simply the most retarded comeback someone makes when they've completely lost the argument. This statement signifies that the argument has gone to a completely immature level. Below is a hardcore argument starting with the immature statement :)
Person 1: I know you are, but what am I?

Person 2: Good question. What are you?

Person 1: Wow, you're so dumb, you don't even know what I am?

Person 2: You're so dumb, you can't even answer my question.

Person 1: I don't answer stupid questions. Sorry.

Person 2: Then you shouldn't have made your first one.

I know you are but what am I 

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The best come back to any insult in the history of the planet. Using this phrase will completely destroy and annihilate your component, so only use of absolutely necessary. (Say they think Sam and cat is a good TV show)
Fred:Our mom just died

Joe:I know you are but what am I

i know you are, but what am i

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the most offensive comeback to ever be said. this comeback makes "your mom" seem like a nice thing to say. this comeback can out roast any insult thrown your way.
person one:You gay

person two: i know you are, but what am i

whole everyone else: OOOOHHHHHHH

I know you are what you said you are, so what am I? 

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The correct way to taunt on playgrounds. Often missaid as "I know you are, you said you are, but what am I?". Mostly by australians. Often shortened to "I know you are but what am I?"
Timmy: "you're a poop head"
Aaron: "I know you are what you said you are, so what am I?"
Timmy: *cries*

I know you are, you said you are, so what am I? 

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Blatantly useless retort which younger primary school students use.
Playground Bully: Ha ha! Ernie's Crap!
Ernie: I know you are, you said you are, so what am I?
Playground Bully: I just said that you were crap, though!
Ernie: I know you are, you said you are, so what am I?
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