A response to something done or said out of character, too rash, too soon, or too extreme. As it is spelled, "eazzyy" is to be drawn out a little (but not too much) when said.
Guy 1: Hey man your mom is so hot!
Guy 2: whoa, whoa, eazzyy......
Guy: *Comes up from behind and cups her butt with his hand*
Girl: hey, hey, eazzyy........