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A combination of Friday and YAY!, typically to indicate excitement about said Friday; a portmanteau of "Friday" and "Yay".
Can also be applied to other days of the week as such: SaturYAY, SunYAY, TuesYAY, WednesYAY, and ThursYAY. There is no MonYAY for obvious reasons.
Ann Marie - I've been waiting all week for this weekend. Happy FriYAY!

TJ - I've been waiting all week for FriYAY! I can't wait to see ya.
by AMarie0908 April 15, 2011