New verb for me

I've been trying to figure out the verb used in the little patter that Gabe Saporta does at the beginning of "Smile for the Paparazzi". The rest of it was simple enough, but I'd never before encountered the noun boludo or the verb boludear. Urbandictionary.com gave me a colloquial definition for the noun, then the Word Reference message boards gave me the definition of the verb...both of which appear to be Argentine or Uruguayan in origin/usage. Makes sense, I guess, since Saporta is from Uruguay originally (according to the Biochemist).