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1.
A noise emitted from putting too much emphasis on wooly, as in a wooly sweater. It came from the Mortal Kombat character Quan Chi, who shouts it as while he does one of his moves.

Woolay is a word you may shout, and nobody will understand it except people who also played as quan chi for more than five minutes. It may also be used as a battle cry before doing something.
Quan Chi: WOOLAY!
*hypnotizes enemy into snapping their own neck*

Me:WOOLAY!
*begins running a marathon*
by quan cheese February 20, 2012
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