The word can mean many things and is quite exchangeable to a certain extent. It can take almost any positive meaning when put into a sentence. It also is often used as a sort of greeting.
Ex. 1) Reece: "What are you doing tonight?"
Ben: "Not sure yet, but definitely some RAJDO!"
Ex. 2) Jared: "Ben! Hey! How you feeling?"
Ben: *just woke up from a coma* "RAJDO!"
Ex. 3) Reece: "Check out that girl that just walked in."
Jordan: "What a RAJDO."
Ex. 4) *phone ringing*
Ben: *answers phone* "RAJDO!!" *hangs up*