The Internet Time Glossary defines Knowledge Management as "whatever you want it to mean."
David Pollard has posted a wonderful description of how KM ought to work on his blog, How to Save the World.
His views on Knowledge Management echo many of the themes I've talked about here on the Internet Time Blog.
Dave comes up with these bottom-up processes:

That covers just about everything a knowledge worker is challenged to do. Do what you can to improve these dozen processes and forget the top-down stuff.
My thinking is so conceptual that I sometimes see patterns where none exist, but Dave's approach seems like yet another illustration of this:

It is so difficult to free our minds to recongize that context trumps content. There's life outside of classrooms, books, and databases.