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1.
Literally "old man" in Italian. Usually used among Italian young people like "homie" or "dude" in American English.
Come va vecchio? - What's up homie?(English)
by Flavio October 27, 2006
 
2.
An adjective used to describe a person who is incredibly full of themselves, usually from an affluent background. One who breaks his own back because it cannot support the tremendous weight of his dick.
Vecchio: I have three fractured vertebra because my dick is so big and because i have so much sex.
Person 1: Alright vecchio.

by People against chris April 24, 2008