Chayim means life in both Hebrew and Yiddish.
Godol means large in both Hebrew and Yiddish.
However, with that being said, many people have the Hebrew name for Charles as Chayim. So, in a sense, Chayim = Charles.
So a sarcastic reference to call someone Chayim Putz (putz is Yiddish for penis..or less literally...dick-head or dummy).