can be used to express defeat, confusion, excitment, joy, anger...everything depending on your tone.

Usually indicates some kind of problem.

also a great way avoid answering questions properly and seem like you are invested in conversation.
boring person: blah blah blah blah blaAAAAhhh.
you: ai yai yai.
boring person: blah blaaaah blahhhh???
you AI YAI YAI!
by dolar001 May 16, 2011

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