1.-A derrogatory racial term for people of European origin.
Considered extremely offensive.
2. An arrogant, out of touch, universally despised white man- a rich white business man who looks down upon others.
"Get your ass out of here, and take those two Pellys with you!"
"You ain't nothin but a filthy Pelly whore!"
"There was a couple of Pelly's down at the spot last night, man we whipped some Pelly ass up in that piece"