Qu? lo que? Even the looks of it is way too formal; it's more like "KE LO KE?"
And it's another one of those things popularized in music by the likes of Pe?a Suazo during the early- to mid-90s:
"Pe?a Suazo, y ke lo ke?"
I have two cousins who, after all these years, still cling to Suazo's answer, and I do not greet them with "ke lo ke." They're so 1994!
"Street" language is fun, but only if it changes.
By the way, the "ke lo ke" of recent vintage has a 'duck' sound to it, like the Aflac commercial.