to wrap or pack up cloth, paper, or something similar (see Molina)
IPAspelling:
koːkoːloːtʃoɑ
Alonso de Molina:
cocolochoa. nitla. (pret. onitlacocolocho.) reburujar manta, papel, o cosa semejante. Alonso de Molina, Vocabulario en lengua castellana y mexicana y mexicana y castellana, 1571, part 2, Nahuatl to Spanish, f. 23v. col. 2. Thanks to Joe Campbell for providing the transcription.