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"Ugatz" is spelled correctly in the Neapolitan dialect of Italian, "o cazzo." The Italian equivalent is "il cazzo." The masculine definite article "il" in Italian is "o" in Neapolitan, meaning "the."

It literally translates to "cock/penis", but is also used in Italian as the English words "fuck" or "shit."
ITALIAN
"Fatti i cazzi tuoi!"

ENGLISH LITERAL
"Mind your cocks!"

ENGLISH INTERPRETED:
"Mind your fucking shit/business!"
(in this case, "cazzo" is used like "fuck/shit" in English.)

An example of "ugatz" used in Italian-American English would be...

"You said this investment was a sure thing! Now look at my account balance! I've got ugatz here!

In this instance, "cazzo" is used like English's "shit," meaning "nothing." So...

"You said this investment was a sure thing! Now look at my account balance! I've got nothin' here!"
ugatz by Dino Pascarella October 1, 2009
Related Words
Ugaiz Umaiza Ugaitz ugatz Uganze unaiza Uwaiz UGAZ Ugazenstan ugazoid
One of a kind. Unparalleled. A girl who can catch your eye instantly with her beauty and elegance and is yet so humble and fun.
Guy: Will you marry me?

girl: Why?

Guy: because you're so Unaiza..

Girl: Really?! HECK YEAH let's go get married.
Unaiza by glam1254 February 9, 2012
An ETN thats purpose is to be used as a short term trading instrument. However, if you invest long term you’re guaranteed to get crazy bitches, fill your bank account with crazy cash, and just buy whatever you want.
My boi and I wanted a new Lambo to do nose beers and expensive hookers in, so we bought UGAZ and held long term.
UGAZ by Marketpro111983 February 20, 2019
Umaiza is a strong girl, she will be success in her life. Everyone will always miss him so much. One day she will become what she want. She's very kind person,always help people
Umaiza is the most beautiful princess that will make this world a better place
Umaiza by Zaynmalek April 23, 2018
An Italian-American slang from the Italian "u casso" meaning balls, nothing, cock, dick.
A: First day at the job but I know this job like the back of my hand.

B: You know ugatz.


Your wife has a nice demeanor.

She's got ugatz.
ugatz by Pigslut Master August 19, 2008
Ugatz is derived from the Italian "u casso", literally translated as "this penis". The accompanying gesture involves dramatically lowering both hands, palms flat and facing outward, toward one's crotch. The term is used to signify a challenge to another in a variety of scenarios (see example below).
I'll never go to jail -- the DA doesn't have "ugatz" on me that will stand up in court.
ugatz by OT March 16, 2005