A 2 hour long Mexican gay porno movie involving 2 fat Mexicans eating a dodgy burrito out of each other's shit covered assholes. Apparently it won a people's choice award as the best and traumatic Mexican porno movie in the world.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).