Chicago area Chicano slang. Roughly translated into English, it means "locker room talk." It's a combination of "machismo" which means "a strong or exaggerated sense of masculinity" and "chisme" which means "gossip."
It can also mean "male bonding."
I overheard some machisme about ole girl yesterday. She's a real freak!!
Let's meet up this weekend for a few beers and some "machisme."