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"
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.
"Base we've got some square groupers floating outside of Miami harbor."