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1.
It is puertorican slang, most famously used by Daddy Yankee in his song Saoco. It is a slang verb meaning doing something outstanding like making a hit record or sleeping with a famous actress.
"Saoco" papii saocoo!

Tito le mete "saoco" a ese microphone!
by Gillao November 26, 2008
 
2.
Also Saoko, Sahoco or the North Vietnamese, Sahokoui, is puertorrican for pussy cum, or femejac as most downloaded clips would abbreviate it. It was popularized in the late 90's by retarded puertorrican rappers, and most of their fans still don't know what it means. (see below)
Ese pendejo de seguro le puso esa mierda de Saoco a su mai.
by CRICACHINA June 29, 2009