the thing you wear under your pants/skirt, not to be confused with "panties" which is a retarded american word that we have no use for. See also: underwear
Gotta get some new knick knacks, my old ones have mysteriously disappeared
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Genitalia, and the various other (sometimes considered decorative) bits on the human form.
Wife: Show me the ol' knick knacks.
Husband: BRB, imma dust off.
An unattractive person used for one time only non-comittal sexual relationships...
Steve pulled his friend Larry aside at the bar, pointing excitedly for Larry to look. "Hey brah see that real dog on the other side of the bar with that pimply face and that junky butt? Why don't you be a gentleman and knick knack paddy whack give a dog a bone?"
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A piece of jewelry. A trinket or bauble.
Look at the knick knack that girl is wearing around her neck.
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Hey, I'm gunna have a knick knack before the movie, want one?
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Herro buy my rick racks prease. A knick knack shack is a vendor cart owned by a person of asian decent. The person of asian decent is usually considered the "stereotypical" asian. They try and sell knick knack at all costs even if it means sabotaging the knick knack shack across the street.
"Do you want a fake Lakers hat that says Lackers on in? I saw a knick knack shack down the street go buy one there."
An unexplained fear of a film (typically an animated one), a song, a toy, or any other object that a young child experiences when exposed to said object.
Patient: When I was a kid I was absolutely terrified of that pixar short Knick Knack but I never quite figured out why.
Psychiatrist : Sounds like you were dealing with the The Knick Knack Effect. it's more common than you think.