What Does Che Cosa Fai Mean?

What does the phrase "Che Cosa Fai" mean in English? I think it is Italian or Spanish, not quite sure.
I'd like to know the translation and what it means because those words are used a lot by one of my coworkers and my boss understands him and always laughs. I have no idea what he's talking about.
Also they say it on the Jersey Shore.
Maybe 'Che cosa fai' means something like 'what is going on' but I don't know. Can anyone let me know the meaning?

Che cosa fai means What are you doing in Italian.
It is used in the same way we say 'what's up' or 'what's new.'
The term Che cosa fai had become popular now because of the TV show Jersey Shore, they mention it continually.
You can also just say "Cosa fai?" and it means the same thing. But you can't just say "che" because it means nothing on its own and it's actually Spanish.

Its BS. I heard it on that show and to find out it really doesn't mean anything bad is so TV. What a joke!