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1.
Another way to say "Hello", as coined by Megamind.
Nick: Oh shit, there's Ellis!
Louis: Ollo!
Ellis: And ollo to you too!
Nick: What...?
by youwillneverknow! September 09, 2012
 
2.
Adjective. The perfect combination of sexy and cute, primarily a description for females.
Do you see that girl over there? I think I'm in love, she's so ollo!
by Sasuke8888 January 03, 2012
 
3.
Nickname for the name Oliver.
"Yo, I watched that movie Ollo Twist!"
by Oliver March 04, 2005