During any class in school (particualarly art class) and someone needs to talk on their cell phone, chow-watchout means that someone wathces if the teacher is coming in the room, and says "chow-watchout" if the teacher is coming, so that the other person can quickly put the phone away without getting in trouble.

Originated with a substitute teacher with the name of Mr. Chow.
Brandi - "Hey Eric. You're on chow-watchout!"
*Teacher heads into the room*
Eric - "Chow-watchout!"
by Eric Brow April 16, 2008
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