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1.
(verb)The act of being sexually adventurous and exploring one's sexuality. The act of testing the limits of socially accepted sexual norms. (adj.)describes situation where sexuality is open, wild and free

(noun): Sexual fun
Do you Vayo? My friend doesn't vayo because he's too conservative. I think any kind of wild sex life has to be good.

My girlfriend is very vayo in bed. She's very adventurous and we're always trying new things.

I really need some vayo in my life, my sex life has been pretty lame.
by vayo October 09, 2010
 
2.
sincerely excessive accolades.
"Oy, she's so special that she called my mother to give vayos on the cookies I baked her!"
by BrownsvilleGirl May 19, 2005