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2.
Not really a slang term (that I am aware of). Just humourous because of the direct translation. whichi is "octopus balls"

A famous Osaka, Japan dumpling made of batter, octopus, tenkasu, pickled ginger, konnyaku, and green onion, topped with okonomiyaki sauce, green laver (nori), mayonnaise, and katsuobushi (fish shavings). Making takoyaki requires a takoyakiki, a special frying pan made of cast iron with hemispherical molds.A piece of octopus piece is in the middle of a round flour paste ball which is not 100% cooked.

The direct translation is "octopus balls"
The size of takoyaki are about a mouthful, and nothing more.
Let's chow down on some octopuses balls.....
Her boobs are the size of tacoyaki
Her boobs are the size of takoyaki
by fossilized October 30, 2005
 
1.
1. A misspelling of the romanized form of the japanese word for a fried octopus dish, should be rendered as "takoyaki."

2.
tako - This literally translates to octopus.
yaki - This can mean grilled, fried, rosted, baked, or otherwise fire-cooked.

2. When their magic powers combine, tako + yaki form takoyaki! A tasty dumpling ball made mainly of octopus and batter fried together. It also contains a bunch of other ingredients and sauces that I can't remember now.
1.
Justin: I want some takoyaki :0~
Aloha Shoyu: But you're a flip not a jap. >.>;
Justin: I want some nekoyaki then. :0~
Kikkoman: I taste like crap, fermented crap, fermented dog crap of soybeans that was rectally injected into a pig and later regurgitated into plastic bottles for consumer use. (. .;
Aloha Shoyu: Quiet bitch. >:o

2.
firstpostguy: zomg! tacoyaki means octopus ballz!!!11111oneoneeleven1sin(90)11x^0
Justin: Quiet you translating failure, it means fried octopus. They just normally come in ball shapes. w
by kaiser_justus June 09, 2006