is a slang term that means "no way" (as in "no way Jose"). As pointed out in a comment, this is etymologically a contracted/emphasized pronunciation of .
In my opinion, this word form is no longer "alive" in my generation unless in a jestful manner. It's a typical older Tokyo inner city dialect () that is, today, mostly used by some fictional characters (like , who generally carries the trait). Or you can see it living in especially early volumes of Doraemon etc.