Putazo

In Argentina, a very big "puto" (fag).
You can also call somebody "putazo" in a friendly way (well, if you know him very well).

Offensive way:
Spanish version:
- ¿Qué opinás de Pablito?
- ¿Pablito? Terrible putazo...

English version:
- What do you think of Pablito?
- Pablito you say? He's a humongous fag...

Friendly way:
Spanish version:
- ¡¿Cómo andás chabón?!
- ¡Genial! ¿Y vos, putazo?

English version:
- How're ya doing doooood?!
- Great! And you, faggot?