1. Meant to have the same denotation as word, i.e., a term used to indicate agreement or assent or approval. Somewhere between "cool" and "okay". The word is used by people with a rudimentary to thorough knowledge of Latin (in which it means "word"), generally ironically, as it results from the application of an elevated, academic language to a "street" or "ghetto" term. The "v" is usually pronounced as an English "w", as that is how consonantal "v" is pronounced in classical Latin.
X: Hey, I got straight 800s on my GREs!