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1.
Doing something cool, When someone does something cool, it would be considered yolly or if something is cool.
Did you hear Asap rocky new song, Yeah that shit was yolly

My new jeans are so yolly
by YeahItsope February 04, 2013
 
2.
A girl who has friends called Holly and Ollie. The name is short for Yolande, and is given to skinny, ginger girls who like drugs.
I love that yolly, she gave me MDMA.
by chloexxxxcore February 20, 2010
 
3.
A formal greeting or way of saying "Hello."
Tommy answered the phone saying "Yolly."
by Braygada October 01, 2007