The term is a composition of four spanish words. "Caca" meaning shit, "Culo" meaning ass, "Pedo" meaning fart and "Piz" meaning piss. The word is used as a random "Hallelujah" in the bathroom and is probably the most wonderful word to be used in spanish.
"CACACULOPEDOPIZ!!! GLORY CACACULOPEDOPIZ hallelujah!!"