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1.
When you take a huge hit off of a joint, blunt, bong, bowl, etc. to the point where you cough uncontrollably. You can feel a goncho hit when when smoking out of a bong as the back of your throat starts burning before you pull the slide.
"Dude, just take a goncho rip off of that and pass it back"

"Hey Tyler, you wanna get gonchoed before the steelers game?"
by The Notorious D.A.N. January 23, 2009
 
2.
One below a Poncho.
Two below a Honcho.
Awww man.. I'm only a Goncho!
or
No Gonchos allowed here, come with your Poncho!
by Samuel G April 30, 2007