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1.
A greeting used to imitate Bill Cosby when he says "Hey kids!" but is used mainly with your friends and the effect works better when you say it to only one person.
Hey kids! I'm a kids, I like to watch cartoons and eat ice cream!
by ButtonMan November 13, 2008
 
2.
it could be:
a greeting
a way to get someone's attention
something to say when you're mad

not to be said in a pedifile way]
hey kid!

hey kid!hey kid!

hey kid! gimme my sandwich!
by hey kid April 06, 2006