This is a commonly used phrase to represent when a person is somewhat surprised. Or at times people say it just because it is one of the most commonly represented phrases in our world today.
"Ass yo, my car was stolen, ass." "ASS YO." "Ass yo, I'm out."
" Luke likes it in the butt from gay latinos? Ass yo, doesn't surprise me."
An expression used to express distraught.
Also used to show excitement.
"Ass yo, I just got pwnd"
"ASS YO, I heard Sam went down on Erik V! I always knew he was gay!"