It is a variant of "boludo", although it is used more as an insult and not as a way of calling between friends. See ball (in this case as "boleadora stone, and later as testicle"), suffix -udo.
Danilo Enrique Noreña Benítez
In Colombia it means bobo, gross, pendejo. Idiot. It is also used to say that he has the large testicle.
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