Kolaveri = Kolai + veri
Kolai means "murder" and veri means "the urge" to do it.
Etymology: Its a word in South-Indian language Tamil. The word was made popular by the chartbuster song "Why this Kolaveri di?" that has got some 3 million hits on youtube within a week of upload. The word also stays on top of twitter India trends for more than 3 days in a row.
Translation (English only): Why this murderous rage girl?