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1.
abbreviation of "One only Lives once"

Similar to the common phrase "yolo" but used by the upper middle classes.
"Jerome! polo without a gum shield?!" "Oolo"
by The Crumpeteers February 12, 2013
 
2.
The realest nigga in Legend of Zelda: Skyward Sword.
Oh my god, dude. That kikwi Oolo was too legit for words.
by Katana1085 January 18, 2014