1. Used to express a greeting, answer a telephone, or attract attention
2. An exclamation of surprise, wonder, elation, etc...
3. Used to describe in a compliment
Commonly mistaken for the 'Ohio', the term 'Olio' was founded in 2006 by Brandon M. of Beaverton, Ore. While eating an oreo, he randomly had the urge to just say "OLIO!" and from that point on it's become a word used regularly between friends, family, teachers, and heck, even robots.
Olio was the first, but not necessarily the last. Another less widely used term associated with olio is holio bon, which can basically mean "hey hawt stuff, whats sizzlin" or just "hey you".
There was a more recent addition to the 'olio slang' family that has yet to be released.
Emily, Tribecca and Isabel: OLIO! (right in his ear)
Brandon: AHHH. OLIOOO!
2. Announcer dude: HEY YOU! YOU'VE JUST WON A MILLION DOLLARS!
Dude hes talking to: OH MAAN! OLIOO!!! IM GONNA BUY A LLAMA FARM BEEYATCH!
3. guy with a cool hat: holio bon!
girl with no hat: HEY GUY WITH A COOL HAT! MAAAN YOUR HATS SO OLIO LETS MAKE OUT
guy with a cool hat: okay!