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That is the correct spelling of "saucepan" (a cooking pot, usually with a handle).
"Mi olla" translates to English as "My pot." Pot as in saucepan.
A pot is a saucepan. The word pot without any articles before it is the common 'street name' for Marijuana or Cannabis Sativa.
Because many liquids will boil over.
Normally you would use a saucepan to boil liquids.