It means to say, "no, we are not Okay, i am not good with you"
If one person does something and then says are we all good, if one of the guys is not content with what happened to him, he can say "nigga, fuck yo truce" to say that no, we are not on good terms.
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.