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1.
Literally, it means "Uncle". In Korean, a polite way to refer to a man who is older than you, who you don't know well. That doesn't mean they're _old_, of course-- little kids might call a man in his 20's "Ajushi".

It does _not_ mean "old man".

It could also be used as the equivalent of "Sir" in English, when speaking to a stranger.
Excuse me, Ajushi, may I help you?

Ajushi, are you going to visit again soon?
by R0nin October 10, 2011
 
2.
Korean for 'old man'
come here right now Ajushi!!
by bloodybuni August 31, 2006