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1.
1. A Hebrew word used in the Jewish Scriptures (a.k.a. the Old Testament). The word literally means "nations," and is always used within these scriptures to refer to the nations of the world. Significantly, within the Old Testament, Judah (the Jewish nation) itself is called a "goy."
2. In the Old Testament, the Jews were called to be a nation separate from the other nations, which were all Pagan. And so, colloquially, all non-Jewish nations came to be called "goyim" as in "the nations" from which the God of the Old Testament had called upon the Jews to separate themselves.
3. A word used by some Jews to refer to Gentiles (non-Jews). The word can have derogatory connotations, such as the word "black" when used to refer to a persons of African descent. It can be neutral or negative depending on the context and the intent of the speaker.

Singular = goy
1. "Gather together, gather together O shameful goy" - Zephaniah 2:1 (Referring to the Jewish nation)
2. Jews don't eat pork, goyim eat pork.
by Frakseno January 30, 2007
 
2.
Non-Jews, in Hebrew and Yiddish. Literally, the "peoples." Sometimes pejorative. See shiksa and shaygetz
They'd rather watch football than study for finals. Well, whaddya expect? They're goyim.
by cornholio October 18, 2003
 
3.
1. Those who pay happily pay retail for neccesary items such as gold, diamonds and fur coats. They also allow their daughters to marry schmucks who are not rich and uneducated. These people are neccesary members of our society who do not become doctors, lawyers, and accountants and never visit New York City.

2. A non-Jew.
You hear Christina's daughter's fiancee bought her engagement ring from Tiffany's? Oy... the Goyim... what was she thinking?
by Davdav2000 January 13, 2005