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1.
the act of clicking your car's keyless entry remote to listen for your alarm beep in order to help find where you parked
"After playing carco polo for twenty minutes in the mall's parking lot, I finally reached my vehicle."
by Michael Bukakis May 12, 2010
 
2.
A game in which you forget where you parked your car, so you walk around the lot hitting the lock button on your key fob so you can home in on the sound of the honking.
"Man, parking at the mall is crazy at Christmas. I had to play Carco-Polo for 30 minutes before I found my car."
by Bogombo Snuffbox December 16, 2013