From the movie 'Y tu mama tambien.' It's a "space cowboy", "charro astral" in spanish. In the movie they use it among their closest friends, like bro or dude. It's is said to have derived from the song "Should I say or should I go" from The Clash. They thought the song contained "charolastra" in the lyrics.
"¿Que onda charolastra, como as estado carajo?"
"Charolastra charolo...charolastra charoloo...!" (should I stay or should go?! should I stay or should I go...!?")
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