1. An alternative for "motherfucker"
2. A term used by the "ALFA" organization
3. Another way of saying either "I really like you" or "I really don't acknowledge your existence"
a popular phrase that john mclean(played by bruce willis)used in his popular movie spin off of die hard...the phrase usullay occurs when mclean is about to do something crazy.
villan-mclean prepare to die
mclean-yippy ka yay muthafuka"shoots villan in chest"