Although it may seem like an insult, it is often not. The word is used as a casual way to address a friend or pal, or to tell someone they are acting like a fool or a clown. (In Venezuela, this term is used constantly as a filler word or informal greeting among friends, despite its literal origins as a slur).
Hey marico, everything good? / Oh, you are such a marico / Marica, did you talk to Jose?
A term for a homosexual man. (In Venezuela, this word is most frequently used as a casual way to address friends, similar to dude or bro, though its literal meaning is a vulgar slur.)
A vulgar term in Spain used to mock a man's lack of courage, though it is also used to show surprise at someone's cleverness or success. Among friends, it describes someone who has been very sharp or gutsy, functioning similarly to calling someone a crafty bastard.
You are such a marico, in the end you got them to give you the raise without lifting a finger!
A derogatory term for a gay man, equivalent to faggot. (In Venezuela, this word is also extremely common as a casual filler or way to address friends, similar to dude or man, though it remains vulgar).