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A phrase used:
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.
Example 1:
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?"

Example 2:
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!
by Forwin June 27, 2010