A new term coined by Stephen Colbert, in order to strip the word slavery, of it's hateful meaning.
Every time Southerners try to celebrate Confederate heritage, Yankees ruin it by mentioning the s-word (slavery). People in the south are taking the s-word back, hence the term slava.
Used in a sentence.
All my slava's in the house say, hey!; What's up my slava?; Damn slava that's a nice car.