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This is a gangster or drugdealer from the rio grande valley. It comes from the word valley and the word pachuco from the pachucismo or cholismo of east L.A. area. But used in south texas to proclaim you are from the valley and live crazy.
Que onda valluco!

yo soy valluco.
by Apolonio October 08, 2004
One who lives in the Rio Grande Valley of Texas. the word derives from "Valley" and expresses machismo and toughness.
go out and do it valluco style.
by Texican17 September 10, 2006