I had never heard the term before. I did a google search and someone claimed it meant cousin but I looked up the word for cousin in Italian, and it is not the word used.
Just to give you an idea, when Italian-American men use it amongst themselves, I'd say it's comparable to the term Vato with Mexican men.
But when outsiders say it about Italian-American men, it's usually in a negative context.
"I got news for you. If it wasn't for the toilet, there would be no books." --- George Costanza.