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1.
An Old English term of address to a noble woman or woman of high regard. Short for "My Lady."
jousting knight to a noble woman: "I shall win this match for you, milady!"
by brokenmyth February 22, 2009
 
2.
How you greet the most amazing girl in the world.
"Hello milady, how are you?"
by Tobadious September 05, 2009