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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
Ugutz ugatz ugotz ugulza Ugute Ugutta
Italian slang for the word "nothing"
1. I got killed in A.C. this weekend. I walked out of there with ugotz.

2. What kind of bonus did you get this year?

"Yeah what bonus? They gave us ugotz."
ugotz by mikey c's December 16, 2008
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
Italian slang for "bullshit". Common synonyms include pants, bollocks, horseshit, etc.
Clemenza promised them ugatz.
ugatz by Epon February 14, 2004
KARO KARO KARO KARO KARO KARO KARO KARO KARO KARO
"Brått leaver discord eller muter "ugutta""
Ugutta by Gayman2003 December 16, 2018