Spanish for "High waters". It can literally mean high waters as in the water is very high, or it can refer to the pant style in which the sock shows when the person is sitting down.
"No vengas, todavia, hay aguas altas."

A: Damn, look at that cholo with his aguas altas. He thinks he's the shit!

B: Yeah he a fool for rocking that shit.
by 14th Street DC May 18, 2010
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