1740 in music terms, "first, principal," from Italian primo "first, chief," from Latin primus "first" (see prime (adj.)). As slang for "excellent, first-class," perhaps an elaboration of prime (see O). Of drugs, by 1990s, street slang.
Entries linking to primo
prime adj.
late 14c., "first, original, first in order of time," from Old French prime and directly from Latin primus "first, the first, first part," figuratively "chief, principal; excellent, distinguished, noble" (source also of Italian and Spanish primo), from Proto-Italic *prismos, superlative of PIE *preis- "before," from root *per- (1) "forward," hence "in front of, before, first, chief."
The meaning "of fine quality, of the first excellence" is from c. 1400. The meaning "first in rank, degree, or importance" is from 1610s in English. Arithmetical sense (as in prime number, one indivisible without a remainder except by 1) is from 1560s; prime meridian "the meridian of the earth from which longitude is measured, that of Greenwich, England," is from 1878. Prime time originally (c. 1500) meant "spring time;" the broadcasting sense of "peak tuning-in period" is attested by 1961.
O
fifteenth letter of the alphabet, from a character that in Phoenician was called 'ain (literally "eye") and represented "a very peculiar and to us unpronounceable guttural" [Century Dictionary]. The Greeks also lacked the sound, so when they adopted the Phoenician letters they arbitrarily changed O's value to a vowel. (Thus there is no grounds for the belief that the form of the letter represents the shape of the mouth in pronouncing it.) The Greeks later added a special character for "long" O (omega), and the original became "little o" (omicron).
In Middle English and later colloquial use, o or o' can be an abbreviation of on or of, and is still literary in some words (o'clock, Jack-o'-lantern, tam-o'-shanter, cat-o'-nine-tails, will-o'-the-wisp, etc.).
O' the common prefix in Irish surnames is from Irish ó, ua (Old Irish au, ui) "descendant."
The "connective" -o- is the usual connecting vowel in compounds taken or formed from Greek, where it often is the vowel in the stem. "[I]t is affixed, not only to terms of Greek origin, but also to those derived from Latin (Latin compounds of which would have been formed with the L. connecting or reduced thematic vowel, -i), especially when compounds are wanted with a sense that Latin composition, even if possible, would not warrant, but which would be authorized by the principles of Greek composition." [OED]
As "zero" in Arabic numerals it is attested from c. 1600, from the similarity of shape. Similarly the O blood type (1926) was originally "zero," denoting the absence of A and B agglutinogens.
As a gauge of track in model railroads, by 1905. For o as an interjection of fear, surprise, joy, etc., see oh.
The use of the colloquial or slang -o suffix in wino, ammo, combo, kiddo, the names of the Marx Brothers, etc., "is widespread in English-speaking countries but nowhere more so than in Australia" [OED].