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It's an argentinian term in reference to when someone says or does something stupid or hilariously wrong. It's similar and commonly used in the same ways that "Bullshit" is used. It can also be used as an adjective "Bolasero" (Someone who is full of bullshit)
Guy1: Dude! I just had sex with Megan Fox!
Guy2: What a Bolaso!
by RWolffen September 18, 2012
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