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1.
This is a word that one may use in many different circumstances, when there is no other word to say. It means everything, and nothing
Bob, "Man, you so screwed for your assignment! It's due tomorrow!"

Dylan, "ootoos"

(Thats it)

Exampe 2)

Michael, "hey Jon, how many girls did you made out with last night? (The guy hadn't made out with any)

Jon, "ootoos"

Michael, "what?"

Jon, "exactly"
by jjnipps May 29, 2012
 
2.
it is native for "smoke two bowls" (weed). used to say lets match on a bowl or blunt.
come here... ootoo, lets smoke!... load a bowl
by team blunts November 30, 2010