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1.
A derogatory term for a person of Italian decent, usually those who try to be a stereotypical American-Italian. Similar to racial slurs such as nigger and cracker.

Signs of this include but are not limited to: over-greased hair, Italian accent (even though they aren't actually from, nor have they ever been to, Italy), frequent references to the mob (even though they know no one in the mob), and using "I'm Italian" as an excuse to be rude and/or fat.
Guito: Let's go to the Olive Garden.

Person: I thought you were on a diet?

Guito: Shuddup, I'm Italian, this is how we eat. Don't disrespect me, I'll get cousin Vinny to break your shins.

Person: You don't even have a cousin Vinny. You're such a guito.
by Carolineee October 12, 2005
 
2.
means money, cash, in portuguese slang (Lisbona area). It means the same as arame. Other common expressions for the same are "Taco", "ferro", "massa" and "cheta".
E pa, tens guito? Podes emprestar-me algum?
translation
Hey, man, got "guito"? Can you lend me some?
by erroneous, the genuine one July 19, 2010
 
3.
Slang for an Itallian.
You stupid guito.
by sdd898 December 18, 2003
 
4.
used as a negitive term for italians. guito is to italians as the "n" word is to african americans. its an insult.
mike: man, i hate carlo, he's such a guito.
joseph: why do you have to call him that. i'm italian too!
by "rude girl from south jersey" April 25, 2005