1) A way to address someone who you think's really cool and respectable. What you would call a playa
2) An adjective describing something. It could be either something really sleek and expensive, or something really cool that looks expensive, but is in fact cheap.
A: Hey shano, can you borrow me a grand?
B: Anytime, playa.
A: I bought some shano shoes.
B: Wow they're really nice. How much did u pay for them?
A: My parents bought me a shano watch for my graduation. (shows the watch)
B: A golden Rolex, damn!