Used by gay men to express approving acknowledgment of a bitchy comment - the verbal equivalent of a high finger-snap.
Gay 1: That boi has a hot body. I’d totally hit that if his shoes weren’t so tragic.
Gay 2: BOKAAY!
Mo A: I’d love to go clubbing with you guys tonight but I have dinner with my Aunt Bernice.
Mo B: I can’t stand that bitter old tranny. She looks like Mel Brooks in drag.
Mo A: BOKAAY!