Someone may badly edit a picture and draw eyes mouth and teeth over it to show that the subject is being eaten. They would then write omnomnomnom on the picture.
When something is both delicious (om nom) and spectacular.
This word can be used in a broad number of situations (as shown in a couple of examples found below)
Ex. "This cheesecake is omnomnomtacular!"
Ex. "Bacon to cure this hangover? What an omnomnomtacular idea!"
Ex. "Oooohhh (insert attractive male/females name) is looking omnomnomtacular tonight!"