1.(Noun) Code for Alcohol, usually used around any persons whom adverse effects would come from the topic of alcohol, or the consumptiion of alcohol in general.
Mitch: Hey Caitlin, are we getting any jalcojol for tomorrow?
Caitlin: Yeah, I think Jack is picking some up.
Caitlin's Mom: What are you two talking about?
Caitlin: Jalcojol, its a new sports drink.