O-Fay 

Punk Cracka Bitch
Comes from Snoop Dogg meaning a Faggit ass white person.

Black Person to White Guy- U fuckin o-fay

O-Fay by DAmon May 26, 2004

O-fay 

understood

If one were to say "is that o-fay?" they'd be asking if that was understood. I'm fairly sure it's not spelt like that, though. Often used in a sarcastic, slight threatening way.

O-fay by Anonymous October 22, 2003