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1.
A Cantonese (Chinese) word for a person or persons of Caucasian descent. In the past, it was meant as a demeaning racial slang towards people of white decent. However; over time it has lost its meaning and is no longer meant as a degrading word. It is now used freely and carries no derogatory meanings.

The more politically correct term is bakyen which means white people/person. However, this term is not as prevalent as guailo. Another common version of this term is bakguai which means "white demon"; which too no longer carries a derogatory meaning.

The literal meaning of "guailo" means "demon guy", "ghost guy".

Alternate Spellings: guilo, guilou, guailou
Why are there so many guailo here at this restaurant?
Guailo don't know how to eat Chinese food.
by Huy Ly April 01, 2008
 
2.
Person of Anglo-Saxon/Caucasian descent. Taken from the cantonese description of a "white ghost/dead white man". Meant to be used as any other racial slur/remark when refering to a person with a white-skinned complexion.
Synonym: Cracker, Honkey, Redneck, etc.
Antonym(s): Nigger, Spic, Wetback, Chink, slant, etc.
Why is it only the guailos get the manager jobs?
Damn guailos, think they're better than everyone else
This guailo is talkin' to me but he ain't saying shit
by Adrian Rojas April 05, 2005