Its a curse word that is more offensive in some countries but less offensive in others. Sometimes it is used as a term of endearment while still being rude.
"Coño mamaguebo, tu no llama a nadie". "deja la mamaguebada tuya coño". "Los venenzolanos crearon mamar guebo entre hombres, no la palabra"
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.