The term comes from a legendary Spanish Moor who is said to have always kept 8 camels with him and as many wives.
In modern terms it usually refers to spanglish speaking person who thinks he has enough game to score with 8 chicks at once but usually can't score with any.
I heard Joey is playing the field.
Yeah he is so Ocho Camel these days.
I bet he doesn't get laid by any of those bitches.