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
Guailo don't know how to eat Chinese food.
Synonym: Cracker, Honkey, Redneck, etc.
Antonym(s): Nigger, Spic, Wetback, Chink, slant, etc.
Damn guailos, think they're better than everyone else
This guailo is talkin' to me but he ain't saying shit