A term used by southern gentlemen to describe the action they do when sniffing through a diamond. Usually followed up by forming a diamond shape with your fingers and acting out the sniff.
Im gonna eatcheerios out her butt and "put my nose up in it"
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).