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1.
1.) Coming from the Italian "culata", it is a bump or push with one's buttocks.

2.) A popular line of sugary iced beverages at Dunkin Donuts.
1.) Mi fai una culata in faccia. (Put your butt on my face.)

2.) At the drive-thru: "Can I get a large Chocolate Coolata please?"
by Kev Corwin April 27, 2008
 
2.
Recognition of something's awesomeness or coolness. Can also be an express of agreement, recognition.

Never capitalized, that would be uncool.
Alice: I got an A+.
Bob: coolata!
by yusufm February 01, 2005