I'm Hispanic and I still don't get it (Guess I'm not PC-minded.) The closest word I can think of is "fresco" or "fresca" which mean fresh.
Wonder what will happen in another thirty years when high schools are named after rappers and thieves. What would they do if any white groups complained such names were offensive? I'll bet they'll get laughed at.
In fact, there's probably a Malcolm X High School out there already. Wonder if their football team is the "White Devils"?