I believe it is an 'eternal' knot that represents the trinity...the trinity for obvious reasons, and the fact that it is all drawn in one continous line represents eternity. I'm pretty sure...
The triple spiral is found carved inside Newgrange: http://www.knowth.com/newgrange.htm There is much speculation about its meaning but it is so ancient that no one really knows. I was watching a program about Newgrange recently and it is believed that the sun and moon cast shadows on the engraving at equinoxes, solstices, etc. and was part of a calendar and perhaps used in ceremonies.
There is something similar in the American southwest where the sun casts a shadow across spirals engraved on rocks to depict certain days.
I guess it proves that ancient people were very smart. So smart we can't figure it out today!