In context, JK 47 means the same thing as jk, or, "Just kidding". Although, it is more of an intense jk as it bears a wordy resemblance to the gun, AK 47.
The ak-47 of "just kidding" used to express the ultimate form of non-seriousness. A variant on jk, used in roughly the same manner, however with more emphasis on the joking aspects.
Nick: Dustyn, I totally banged your momlast night, and it was super stinky.
Dustyn: Dude, not cool.
Nick: jk-47! It wasn't stinky!
Automatic lyricist. Spits like an automatic from the grill to the mic. Also means one bad muthafucka. More deadly then an AK cuz its a JK. Defines life and fashion. Ultimate supreme being.
"I wouldnt even fuck with the JK-47, thats to much power for me, to much skill involved there."
When you intend to do harm with a statement or phrase, but play it off like you were kidding. Is not used when talking to the person emotional harm was done too.
(To the slut Martha) Hey martha. I hear you blowEVERYONE. Ahah JK.
(To Friend steve) Bro i just shot up martha with a JK-47.