1. Used to express sexual attration or intent if used in the most explicit form.
2. More likly used as an exclimation of sorts ranging from displeasure to approval.
Originated from the
Quagmire character on the TV show Family
Guy. He uses the word in the first manner. As a note this word is hardly used along, instead it tends to repeat itself several (commonly
two or three) times in a row.