1. An informal saying when leaving ones company. Meaning "until next time", "contact me when you want to speak to me again" or "talk to you later". Similar to slang phrase "Holla Back" except the word "Back" is replaced with the first name of the 44th President of the United States of America BARACK Obama.
2. A re-adjusted Hip-Hop phrase (see Holla Back) to exclaim ones democratic/political position and/or support, specifically for the first African-American to hold the title/position of Head of State and Commander-in-Chief Barack Obama.

Example:
Ne-Yo: Yo Hov! I'm gonna go to the studio and write another hit.

Jay-Z: I'm just gonna stay here because I never write down my rhymes! Holla Barack!

Ne-Yo: Haha, ok I'll see u later, peace!
by DJ Lace January 16, 2009

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