Most commonly said in Eastern Europe, but people understand all around Europe and around the world where there are any European people. This could also be a name given to people when they possess such characteristics.
A new term coined by Stephen Colbert, in order to strip the word slavery, of it's hateful meaning.
Every time Southerners try to celebrate Confederate heritage, Yankees ruin it by mentioning the s-word (slavery). People in the south are taking the s-word back, hence the term slava.
All my slava's in the house say, hey!; What's up my slava?; Damn slava that's a nice car.