Sometimes graffiti look good sometimes they don't. Sometimes graffiti convey social or political messages, sometimes not. I'm not sure what category this graffito falls under. I guess it's the fun category. And yes, graffito is the singular form of graffiti. The name El Rechifle (the Boo) is probably not connected to the graffito but refers to an identically named Murga group in Palermo. Murga is a carnival hilarity which is very popular in Argentina. The artist can probably be identified by the capital A in the circle on the right. I don't have a clue who (s)he is, though.
What do you see in this graffito?