That literally means "the hole" but can also, I believe, mean "the inlet" in a geographic sense (where is SK?). The previous post got me thinking about the origin of the name Barnegat, and I think I'd heard way back in seventh-grade "Social Studies" class that it was derived from something Dutch (and I think around that time I was in the nascency of my nederlandophilia). A memorable class went something like this: "What are some local Indian place names?" Mantoloking, Manalapan, Assunpink... "What are some local Dutch place names?" Kill Van Kull, Schuylkill, Hoboken.
Well, apparently, Barnegat comes from the phrase barnde gat or barende gat (see here and here). I even found an example of a Barnde Gat that still exists in Nederland:
Locatie: Ten noordwesten van Amsterdam, staat ook bekend als Barnde Gat.
[NB: greater detail of the 1878 map above can be seen here and here.]