Well, that's a great news then!
Well first of all prego means "You're welcome".Used when someone says "Grazie" (Thanks) and you want to reply, there are other replies, but prego is a standard word.
Nitpicking time: there's also a verb, "pregare" which means "to pray", so "prego" in this case means "I pray", 1st singular person.
Nitpicking time x2: what type of hand gesture would be appropriate when saying 'prego'?
Edit: and in the USA if someone says 'Prego' then this is what most people will think of:
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