Pronounced: Bail-skee. It is a term used to announce that the area is unsafe and the group needs to get the heck out of there in a hurry. It's the same effect as yelling run away. It is usually used while wrecking shit once you have been spotted.
1.As the college students ran into their friends dorm, flipping all their furniture and ransacking the place, one of the dorm mates wakes up and opens the door. BAILSKY! says one of the shit wreckers, and they all run for it.
2.Dude the cops are about to break up the party Bailsky!
3.A enormous chick is checking you and your friend out, you whisper to your friend, Bailsky, and scurry away from her.