What does "Knallerfrauen" mean?
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"Knallerfrauen" is best translated with the word (she is like a) "bombshell", and is (rarely) used in the same context with a hint of humor in it.
Similar word context:
The hint of humor comes from the fact, that "Knall" is also used to describe that someone is crazy:
"Du hast einen Knall" (you are nuts)
Can't say better than here:
Frau, Plural: Frauen
Knaller and/or Kracher also have been used to describe a "joke", most commonly on parties (mainly in the past, I think. 70's? 80's?).
This is highly informal and can be compared to "Schenkelklopfer", "Partykracher" etc.
I don't know if it is part of "Knallerfrauen" or a comedy show itself, but there's also something called "Ladykracher" which does, in my opinion, mean pretty much the same.
Both are Women making setup-comedy and the title describes this pretty much.
Knaller --> Das ist ja voll der Knaller. Knall --> Loud noise usually resulting from an impact or explosion.
Knaller - Frauen --> More than one woman that makes an impact or explosion. Basically making waves, being hard to ignore, being very entertaining. See christian.s answer in relation to hitting your tights when something is very funny. This usually makes a Knall.
"Knall" (meaning "bang") has the power to make almost everything following it sound exciting, dangerous or hilarious. This first struck me when I read Otfried Preußler's "Der Räuber Hotzenplotz" where they have a sequence about "Knallpilze" ("bang mushrooms"). Nobody has ever heared of Knallpilze, but the word "Knall" immediately conveys a certain connotation.
And christian.s is right: Knall and Krach (meaning "noise") are pretty much interchangeable as a prefix. Except for the word ordering and the plural "Ladykracher" (think: "Kracherladies") and "Knallerfrauen" invoke the same feelings. Both aren't official German words.
"Knallen" has the additional meaning of "fucking" which "krachen" does not have (i.e. "Knallerfrauen" is a bit juicier). So when you ever want to promote a hilarious "foo", call it "Knallerfoo" and you'll get a lot more bang.
And I agree "Knallerfrauen" is one of the best Comedies we have, seconed by "Ladykracher".