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It basically means (boy) or (Hey boy). My grandparents were born in Italy and came through Ellis Island around 1913. My Father used to say it to me when I was young all the time. I now use it as a term of endearment towards my youngest son.
Hey Walio. Come over for dinner tonight!
by yankeeao9yankeeao9y August 01, 2016
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Pronunciation: Wa-Lee-Oh (noun)

A slur for a person of Italian ethnicity.
"Did you see those walios, they got good city jobs because they know that mick in city hall."
by Jimmy Dick Wang July 28, 2008
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