CHONGO means JOKE.
usually used after saying a joke and want to clarify that it was a joke, it was chongo.
Dude: WAZAAAAA
Guy: Can you help me with the homework? Its so hard!
Dude: That's what she said.
Guy: Huh?
Dude: CHONGO!
Gorgeous large round fake boobs.
Did you see that cougar over there at the bar? Check it man, what a body! Mm, mm, mmmm...What a bodacious set of chongos!