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1.
Dude in Spanish. Correct spelling is actually "buey" but sounds like "guey" or "way" so it's just changed a bit. Literally means "ox", and is a negative term like "fool" or "ni**a" but it's used as a term of endearment more like "dude".
"Orale, guey, traete las pinches cheves para ponernos bien pedos, cabron!" = "Right on dude, bring the fscking beers so we can get fscked up fool!"
by ::analogue:: March 26, 2004
 
2.
It is both a dear person who you address to regularly, so you call it "güey" over and over, instead of using its name each time, like "dude" in english, or a person you consider not to be trustable, because it lacks of the cleverness, wisdom, or experience needed for a certain task, like an "asshole", in english. It is the right spelling in spanish for the mexican expression "wey", from which you will find similar definitions to the one I just wrote.
In case of endearment:
¡Qué onda, güey! - What's up, dude?
Sí, güey, está cabrón, güey, ya le dije, güey... - Yes, dude, it's all fucked up, dude, I've allready told her, dude...

In case of mistrust:
Nel, a ese güey no lo quiero en mi equipo - No way, I don't want that asshole in my team
by Carlitos Wey May 17, 2007
 
3.
Friend, buddy, fool, stupid, dummy.
"Way" instead of "Güey:" In Spanish, people often call someone who made a mistake or does something foolish or is a trusted buddy or a friend who will not get offended if a friend calls him "buey." But through decades, such word has evolved to "güey" because it is easier and quicker to say "güey" that "buey." "Oye güey, ¿qué onda ese?" one can say to a close friend in a sentence. Thus, the word "güey" should not be confused with the English word "way" as in: "No way."
by Galaor55 April 26, 2009
 
4.
Guey means castrated bull. When someone calls you GUEY, he/she is calling you ball-less. That is why you do not referred to a female as guey. It does not mean DUDE. Although a lot of Mexicans now use the word as an everyday word people perceive as it being a slang for dude.
No seas guey,

No mames guey.
Pinche Guey
Ese Pinche Guey me la quito. "That ball-less dick took her away from me".
by FabulosoYo October 24, 2009
 
5.
Please look at the prehistoric definition of the word guey. Its origin comes from the Nahuatl language "Uey", which means great. And this word is used when we refer to a friend, which there is also another word used by the aztecs "coalt", deformed by cuate which means friend in Mexico.
QUe onda guey, donde estan los cuates, esos gueyes siempre se tardan....
by fanny blauer July 15, 2008
 
6.
texican slang for "dude" or also texican slang for a chubby friend who misses alot of work.
(in a high pitched voice) "nombre guey, can u bring me my check? im not going to work today. Chingado vato."
by fpendejo March 25, 2011
 
7.
The Mexican slang address “Güey” or "guey" always, with a smirk, means “cuckold,” which is the only word in English that labels the man whose woman cheats on him. In Mexican Spanish, a man’s unfaithful wife or girlfriend causes horns to grow upon his head, which only he cannot see. There the word connects with “Buey” or oxen, and serves as the root for the popular song “El Venado” about a man who grows horns. The word comes loaded with sexuality, always disparages, and always signifies low class aliterate personalities, and should always insult (as does the use of “Bitch” or “Niggar” in English) as a label. In Mexican Spanish, in direct opposition to the Mexican “Chingón” which signifies a heroic fornicator, or a type A personality, the overuse of the label “Guey” among the lower classes seeks to replicate the good-old-boys comraderie of the Mal Hablados, or potty mouths, of the ruling class.
Oye, Güey, dime que no supieste nada, pero nada, de que este guey utiliza tu mujer como todo la vecindad, guey.
by Mark Plimsoll August 13, 2006