The word cool for example, can be said with several different words. Certain phrases that make no sense if translated literally are used often in their slang. If translated literally this is what it means. I would like to think that it could roughly mean that the joke or what ever, bounced off you or maybe even went over your head. This happened to me quite often.
Spanish jokes are a little hard to understand, especially their plays on words.
The Hispanic people as a whole use a lot of hand motions and body language to communicate a point. You could say that motion is essential for their language. In Honduras it is considered very rude to point at anything with your finger. The way they point in Honduras is with there lips. I got so used to doing this that I still do it today.