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1.
From the Argentine language, meaning having huge balls. Making you stupid. Often used when greeting a friend or in a dispute.
What's up boludo? How's it going?

Hey boludo! What are you doing to my chick!
by Anonymous July 01, 2003
 
2.
This is probably the most used argentinian word.
At first it was just a noun, to say to somone that he was really stupid, but now, you can use it to call your pal in a friendly way.
Is used for a lot of things, and it has become a verbe: BOLUDEAR; in spanish, the conjuation will be YO boludeo, TU boludeas, EL boludea, NOSOTROS boludeamos, ELLOS boludean. Basicly means that you are not doing nothing.
Also, in Argentina, this word is used to say you are mocking someone, using irony to make the other one looked like a stupid. The quivalent for the english "are you making fun of me?" "me estas boludeando?"
Que haces boludo!? Todo bien?!
What's up boludo? All rigth?

Sos un boludo terrible, la jodiste!
You are a terrible boludo, you fucked it!

-Que estabas haciendo?
-Nada, boludeando.
-What wwere you doing?
-Nothing, boludeando(doing nothing)
by Cocobongo July 29, 2009
 
3.
Argentine slang.It could mean dude,bro,depending on how you use it. It could also be used to refer to a dumb or stupid person.Its' not always a derogative term.
-hey boludo,what's up?

-not much boludo,how's it going?

--------------------------

boludo, i think i lost my cellphone!

you're such a boludo, bro.
by THE MANZA November 03, 2008
 
4.
(Boh-Loo-Doh)
1. when a person has disproportionally big testicles.

2. Word that comes from the Argentine dialect of Lunfardo, and it means that a person is dumb or a dumbass.

3. Referred to the theory of the Boludo. When a man does not ejaculate often (from masturbation or sexual intercourse), his balls start inflating. This scrotal dilatation and enlargement means that socially he is unable to "levantar" ("pull" or "pick up") females to get laid, and therefore he is stupid.

4. Word often used between and by Argentine friends, to salute each other. This word is complicated, because it can be derogatory when used by a person from another country that is not Argentina, and the Argentine can get offended.

5. Idiot.
1.I.E.:
"Manolo, tus testiculos son enormes, eres un boludo!"
("Manny, your testicles are huge, you are a boludo!")

2.I.E.:
"Juan perdio nuevamente su celular, es un boludo!"
("John lost his cell phone again, he is a boludo!")

3.I.E.:
"Diego, hace un año que no esta con una mina, es un boludo!"
("Diego hasn't been with a girl for a year, he is a boludo")

4.I.E.:
"Que haces, boludo?"
("How are you doing, my friend?")
by Cock'of'the'north July 29, 2009
 
5.
Very commonly used Argentine slang for asshole in English or equivalent to pendejo in Mexican Spanish/Spanglish.
Que boludo (what an asshole)!
by Dr. HS Thompson April 14, 2011
 
6.
In Uruguay boludo has one more definition. It means that a person is lazy.
Hey, you don't finish your job yet. You are a boludo!
by El Beto June 04, 2005