This word is derived from the mispronunciation of the word "okay" by a little slut with a whorish mouth. It is used as an exclamation most often; however, it is a versitile phrase that can be used as any part of speech. This is due to the fact that the creator of the word, Porkchop, is a stupid bitch that is indeed the horny one in the relationship.
Umm yeah...did you do your homework?
It's a yes or no question ho.
What the fuck?!