A word now used in terms of excitement - much like "Alright!", "Whoa!", "Yikes!", or "Heck Yeah!". Originally taken from scradish mythology, a Cholo has been said to be a mythical bear-like beast legend similar to Big Foot with buggy eyes, perhaps. These creatures have been noted to wear ties, grit their teeth, and defecate & urinate in the place they stand when sited. When a Cholo is sited, the spotter would yell “Cholo!!!!” in excitement – and thus was derived the modern meaning. Some speculate that Cholos are not real beasts and that they may simply be office workers caught off-guard in bear costumes.
Oh chollo!! I just had an accident all over the floor.