It literaly means Cock Sucker in spanish.
Its a curse word that is more offensive in some countries but less offensive in others. Sometimes it is used as a term of endearment while still being rude.
"Coño mamaguebo, tu no llama a nadie". "deja la mamaguebada tuya coño". "Los venenzolanos crearon mamar guebo entre hombres, no la palabra"
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