"Orelay" is most commonly misspelled "odelay" by people who do not know any Spanish but want to be cool anyway. This is also a closer to a phonetic spelling of the pronunciation of the word. Originated from Mexico, it basically means "Alright", "Okay" or "Oh Yeah" in such a way like you just had an orgasm with no drama or got one million dollars that magically appeared on your doorstop with no strings attached, or a brand new sony television just bought you a beer and now wants to take you home and be all yours. :)
"Yo holmes, you like odelay by beck hansen aye carumba dezz shit is tight, i mean i got a beercan and mtv made me smoke crack and denn satan gave me a taco and when i was where it's at i was watching jackass and i felt like such a loser and i didn't understand the information that was happening and i just was so high and drunk it was like that song fume and then steve threw up. You know what i'm talkin bout fool that shizok really gets my dizock just like paris hilton got the slap by that judge back in the klink that rich puta chupacabra gringa yo no se. i mean i want that puta whore white girl but what wrong with her mind man she want to drink she needs to go straight for diss tipp, you know hombre?"