In slung it is used as as synonym to malakas, clown,poser, someone who is ridiculous, someone who says something ridiculous. Also used in football for someone who loses a great chance for goal etc.
Are you karagiozis? you ridiculed yourself again? What were you thinking?
I hate the karagiozis (des for many) playing rackets on the beach thinking they are fucking Federer or something.