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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. A misspelling of the romanized form of the japanese word for a fried octopus dish, should be rendered as "takoyaki."

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.
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

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