1) A person hard of hearing, or completely deaf, saying the word dildo
2) An expression of slight sadness.
3) A word added to movie titles or song lyrics to make them more funny
Also pronounced "DeeOWdo" with the OW like in cow.
"Yo I got a 74 on my math test...deeuwdo"
"Teen Drinkin' is very bad, yo I got a fake I Deeuwdo"