1: To mock someone getting hit on and or picked up by a less attractive person.
2: To congratulate someone successfully picking up a hot girl/guy.
Jack: "Hey look at that Monsta chick making the moves on Blake!"
Johnny: "Woah! Did she just feel him up? I think I'm gonna be sick....."
Blake walks back in complete shock looking sick.
Jack: *stifling laughter* "Way hay hay? How about that hottie?"
Jack: "Dude! Blake just got that 10s number!"
Johnny: "No way!"
When Blake comes back over
Jack: "Way hay hay! Where'd that come from Blake!? You just bagged that smokin' chick!