Its what Damien says when he doesn't know how to spell canoe
also squidward tentacles said he was a burnt piece of celery
Damien: knock knock
Me: Whos there
Damien: Canoo
Squidward Tentacles: Canoo who?
Damien: Canoo go kill yourself
Squidward Tentacles: Thats not how you spell canoe you burnt piece of celery