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1.
Anything that is cool, hip, hot, fresh, fly, exciting etc.
Those classic kicks (sneakers) are pauly.
or
Eh Vinnie, this pasta is friggin pauly.
by Chase&Crash March 06, 2007
 
2.
A slang term for the brandy or wine, Paul Masson.
Man 1: Whats good? What you drinking on? Henny?
Man 2: Naw man, this is just a lil' Pauly!!!
by Boo&Brasen June 09, 2010