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1.
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."
by Bizy Boy 21st & Oakkley October 25, 2011