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1.
Oly
a girl, usually out of control, fun and bubbly, with fairly fluffy hair, NICE FEET, with two personalities, and wiiiise like yoda.
"dayum, thats gotta be Oly"
by Paola May 05, 2005
 
2.
Oly
A nickname for Olympia, Washington or Olympia beer.

Rhymes with "goalie," like in soccer. Not with Polly, like the parrot.
You're from Oly? I thought I smelled patchouli.
by Luau99 December 31, 2010
 
3.
OLY
OLY is an abbreviation for an Olympic-distance triathlon; 1500m or 1mi swim, ~40K bike, and a 10K run.
Does an OLY require a taper, or is that only for a HIM?
by JethroElfman July 13, 2009
 
4.
Oly
Short for Olympia.
You only call Olympia Oly if you're talking about the beer, or if you're trying desperately to be funny. Very, very desperately, and more trying than funny.
by Downstrike December 26, 2004