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?
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A seriour, serious punch (One Punch Man).
That Chuy thought he was hot shit, but the homey got one big putazo from Beto.