Could mean just about anything you want it to mean. Usuauly a greeting like "what's up?" or an insult like "go fuck yourself" depending on context. In reality is the spanish translation of Wet Floor, but sounds like whatever you want it to sound like.
Friend 1: Hey, how's it going?
Friend 2: Piso Mojado man.
Enemy 1: Dick!
Enemy 2: Hey, Piso Mojado.
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