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1.
"That's not what he said you ignorant wretch. Your spanish is worse than your english." - Tombstone

I'm surprised no one has really tackled the definition for this one yet! Bolillo is a name for varying kinds of Mexican (white) bread. I disagree with the other definition that states bolillo is a racial slur, however. I've traveled in Central America and Mexico (and Texas, my home) and never got the impression that 'bolillo' was a negative term. It is simply a general term for light-skinned, non-mexicans which may be used in a negative fashion. See 'gringo' and 'guero' for additional related terms.
Some bolillos don't learn spanish properly and frequently misspell words such as guero and esposo (the 'o' designates masculinity, which is important in espanol).
by esoteric August 20, 2006
 
2.
The first definition for this word is wrong and only furthers to prove the point that some people will believe anything they hear. The term "bolillo" is not an affectionate term as the first description describes, but rather a very racist term used throughout certain Latin American speaking countries to describe a white person. Unlike the word “gringo” which is generally a non-pejorative term referring to speak of a white person, the word “bolillo” is almost always negative, implying that the person described is a small little white bread roll.
Look at that fucking bolillo over there...he should mind his own business before he gets his ass kicked.

The previous lexicographer (that's a dictionary writer or contributor) should seriously look into his spouse a bit more. If my girlfriend called me a spic in front of her friends all the time things wouldn't go over to well.
by Vayne December 18, 2005
 
3.
In Texas this may be used to describe a white (of anglo descent) person, but it is actually more broadly used to describe a type of bread that Mexican people are known to purchase at local Mexican "panaderias" or bakeries. It is usually eaten with cofee, or can be used for tortas (mexican poor boy sandwiches)

It is not always used in a prejudice way.
"Mija, ve y compra unos bollios para comer con cafe."
"Voy a comprar bolillos para preparar unas tortas."
by loveisjesuscristo August 12, 2009
 
4.
General term for a white/pale-skined person; a bread roll.
I'll go with bolillo as being used fairly neutrally, at least in South Texas. Christmas, 2011, we were visiting a relative in an assisted living facility in the Lower Rio Grande Valley and a Mexican-American Jesus Lady, obviously very kind and well-intentioned, came by to pray for us. The relative and my wife are very pale Puerto Ricans (I'm Scots-Irish and look it) and the JL went on a bit about Hispanics who look like bolillos, winding up with introducing her husband, also a bolillo. Clearly, she had no thought that the term might be offensive.

Oh, and our San Antonio supermarket bakery has a bin labled "Bolillos."
by Pan de agua December 26, 2011
 
5.
This is a white bread found in Mexico. The Mexican people also use this term to refer to white people, gringo's, or guedo's. My wife is from Mexico and I here many of her aquaintences use this term.
Oh, there goes Juanita. Her esposa is bolillo.

My love. Tu eres mi esposa, mi amor, mi chiquita. Tu eres mi bolillo.
by Dougo April 05, 2004