Something that's either really weird or scary...but you can't help but say cool, you know? Originating from O.O
person1: My cat made 3 deep cuts in my boob this morning...
person2: CO.OL ...
A little re-invention from O.O as being weirded out or scared...CO.OL is something you say when a person is like, telling you something creepy or weird, but you have that sense in you that makes you reply with a "cool". Why not combine? Hmm.
person1:my cat scratched me in the b0oOb 3 times!
person1: yeah i know!