When you are using the word in the middle of a discussion, or when referring to another person as a mamabicho not in a literal way, the word is used as an insult towards someone that is corrupted, selfish, liar, politician, thief.
A "mamabicho" is a Puerto Rican insult that can be used to describe a guy who acts femininely or outright gay. It is also used to describe call-boys/ male-prostitutes.
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."