in question form it means HOW ARE YOU? in statement form it means VERY HAPPY or UPSET.
ebony: YABAA YABOO??
imanhi: yabay yabaa!

or

ebony: why the long face?
imani: (sigh) yabaa yabooooo :(

or
imani: guess wut?! YABAA YABOOO!!
ebony: fa real?! wut happened!?
by imani tsunami February 6, 2008
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