It is pronounced "LAHRR-gaw".
"Largo" can mean "long" or "great" in the Spanish language.
Largo
Largo.
madre largo
ella tiene pelo marrón largo
Pelo largo.
vete largo
día largo
Largo(a)(s)
Live long
Muy largo/larga
Likely that it was made in Spain, since .32 Largo is Spanish for .32 Long.