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1.
E-lay is short for a Cadillac Escalade. It's commonly used in the Detroit area.
Chris: Yo I'm bout to put some 6's on the E-lay
Me: They better be Forgies or better
by Young Work November 20, 2012
 
2.
electronic delay that can sporadically impact e-mail and text messages causing them to arrive several minutes, sometimes even hours or days after the sender intended.
Yesterday, Fred called me and we decided to go to the gym at 12:30, but after I hung up my phone, I received a text message from him asking what time I wanted to workout. So I sent him a text message back, asking 'I thought we already decided.' He responded that we must have been subject to elay because he sent the text message before our call.
by Justin DeJong December 26, 2007
 
3.
A person who offers him-/herself for casual sex through an internet site, usually in exchange for an evening out or similar social event.
"She wasn't, like, 'with him' with him at the bar. He was just a one-time e-Lay that she got over the 'net."
by Matt Gaffney October 05, 2006