In short, a longer phrase that can be used when something is cool, and awesome, but doesn't mean its extremely cool. Instead of saying coolio, or cool all the time you can say this word.
Also can be used if Person A says something, hoping that Person B will say that it was cool, but person B can just say "coolioliosis" and Person B doesn't really have to agree that its cool. Like if he is doing something else, he can just say "coolioliosis."
Person A: Dude i just made out with some hot chick!
Person B: Coolioliosis.
or
Person A: Dude that movie we saw was awesome!
Person B: I know it was coolioliosis!
The ability girls and women have developed to hold several items at once in one hand. The skill has been developed due to the lack of pockets in women's clothing.
I thought she'd need multiple trips to carry her phone, keys, wallet, and Starbucks to her car since she needed the other hand to open the door, but she used her impressive girl grip to carry everything in one hand.