Simply, cocaine, from the shortening of the misspelling of the pronunciation of llello], the Spanish word for cocaine.
From "Hopeless" by Ludacris:

Then my eyes turn red,
The sky turns grey,
Children slingin' white in the hood,
We call it "YAY!"
by Lil Dre March 19, 2006

Expression of happiness.

Can be used as a verb.
Carlos - yay

Lucy - what are we yaying about
by MrDinkleberry August 23, 2006
1. An expression of joy usually accompanied by raising both arms in the air; the higher, the more joyful.
Can also be used sarcastically.
Chocolate and sex? YAY!
by Elaine October 17, 2001
It's a Californian term for cocaine or freebase
"Yo my nigga! The yay leaving San Fierro, right?"
by MisterCeeJay June 22, 2006
In the United Kingdom 'Yay' is most often used by young girls, to express hapiness at something, in a childlike way.

This seems to arise from the use of 'yay' by toddlers who cant say hooray properly.

Yay is often used to express delight at something in a childlike way.

It is rare to hear an adult in the U.K. saying this, unless they are talking to a baby or toddler.
It's christmas, Yay!
Yay, I won a prize!
Yay, Tellietubbies are on the T.V.
by Kai_76 February 18, 2008
Slang term for cocaine, derived from the similar yayo.
"I was getting tired, so I excused myself from the table and went to the bathroom to blow some yays in a stall."
by T. H. Pine January 01, 2006
1. When something is spectacularly fantastic!

2. Sarcasm when something overly unbelievable happens.
1. I'm going on vacation and I'm going to get tan! yay!!

2. I forgot my card in the ATM machine. yay!!
by yvonne March 12, 2003

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