This refers to the cowbell played in the song Pigs (Three Different Ones)by Pink Floyd, off the album 'Animals' The cowbell is played by Nick Mason on this song, and it is absolutely awesome
Person 1: Yay, Pigs (Three Different Ones) just came on!
Person 2: omfg cowbell sex!
The god of all memes with his hit series Comment awards on YouTube.
He was also known for making a joke out of Club penguin before its' demise in 2017.
Person: "Hey it's Cowbelly! I hope he accepts my submission for comment awards"
Me: "Nah fam he never checks that shit"