Luxy is a combination of two words into a new meaning as spoken when either drunk or stoned. The words "Lucky" and "Luxurious". It has nothing to do with race, since Puffy could be just as Luxy as Paris Hilton (if not moreso, considering Puffy's luck, as opposed to Paris' merely being born into money). The term is currently most popular in gay circles and is usually used in rumor bitch sessions, which means it'll be mainstream within 6 months after being portrayed in any random, straight chic flick.
Speaker 1: Check out that girl driving that new Lotus.
Speaker 2: That luxy beeyotch was wearing a mink!
Speaker 1: ew, hold the fir, sir!
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