Chocho is an affectionate term that represents some kindled interest in the woman a man is dating. A man does not refer to his Chocho as his Chocho in front of her too early on in the dating game. A Chocho can only be referred to as Chocho in her presence when he is sure she will be upgraded to GF 1.0. Telling a woman she's your Chocho on the first date just makes you sound like you want some sexytime, and that is not going to happen.
Guy: I'll tell you next week.
Guy: Baby, you're my chocho. I want to upgrade you to GF 1.0.
Friend: Dude, I don't mean to crash in on your chocho (i.e. date) with her, but could you lend me some cash?
-¿Que pasa chocho?
-Tengo un chocho electrico