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1. guailo
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.
2. Guailo
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