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.
día largo
Largo(a)(s)
vete largo
Muy largo/larga
Live long
Likely that it was made in Spain, since .32 Largo is Spanish for .32 Long.