Friend, buddy, fool, stupid, dummy.
"Way" instead of "Güey:" In Spanish, people often call someone who made a mistake or does something foolish or is a trusted buddy or a friend who will not get offended if a friend calls him "buey." But through decades, such word has evolved to "güey" because it is easier and quicker to say "güey" that "buey." "Oye güey, ¿qué onda ese?" one can say to a close friend in a sentence. Thus, the word "güey" should not be confused with the English word "way" as in: "No way."