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1.
Coolo - is the misspelled pronunciation of the spanish word culo wich means ass, so when somebody is called a coolo that doesn't really mean something cool.
Sarcasm - you are so cool that im going to call you a coolo.
Insult - you are a big stinking coolo.
by Katan7 July 05, 2009
 
2.
Place where dulce de leche ice cream is produced.
Let me get some ice cream from your coolo.
by koygotune April 22, 2011
 
3.
a perversion of both the english word cool and spanish word cuelo, meaning ultimate coolness, neat, awesome
Sealab 2021 is very coolo.
by Dustin January 25, 2004
 
4.
a derivative of "Cool"

also in 1337:

k0010
man that is so coolo
by Kaimana December 01, 2003