Rhofo is a portmanteau of world-famous "fast guy Rho" and the word mofo
Rho + mofo = Rhofo
It has both positive and negative connotations depending on how it is used in context.
In a positive light it means someone is a lucky privileged bastard.
In a negative light it means someone is being Rho-like, conceited, arrogant, homosexual, haughty, or gay.
"Austin you're mom is so hot!"
"Jon, that's disgusting"
"You lucky Rhofo!!!"
"Austin let me see your spanish homework"
"Jon, you need to come prepared to class"
"Oh come on man don't be such a Rhofo"