(1) A generic sexual bodypart.
(2) A generic carpart.
(3) A term used to trick people that don't know much about sex or cars.
(1) Dude, I think I sprained my kanuter valve when I lost it on the handrail.
(2) Sorry ma'am, we're gonna have to replace the whole kanuter valve, and the one that fits your car is mighty expensive.
(3) Hey Chris, know what a kanuter valve is?
Boss: What was the fix on that radar problem?
Mech: We replaced the knueter valve sir.
Boss: Did that fix the problem?
Mech: Sure did sir, jet is back in service.