What does the phrase Que es mas macho mean?

There was a skit on the TV show "Fridays" (a show that competed with SNL back in the early 80's) of a game show asking the question: "Que es mas macho?" The skit had non-Spanish speakers doing a Spanish-language game show, where the question was always "Que es mas macho?", and the contestant was given a choice of 2 different unrelated items (Such as Lloyd Bridges or a volcano). The Spanish dialogue was so simple that anybody could understand it.

There was also a Laurie Anderson song called "Smoke Rings" that featured the same question, done in the same format as the TV skit used.

The phrase is Spanish for "Who is more 'macho'."