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1.
pronounced: "yee old" or alternatively "y'old"

Definition:
A phrase of ebonic origin to be used before an insult.
Silas: Get Him!
Jamal: Ye olde Jiminy Cricket looking ass
Silas: Get Him!
Jamal: Ye old Tony Danza shoe-wearing ass

etc etc
by E = emceesquared January 14, 2011