Aaaay is a term first used by The Fonz in the classic show Happy Days. It is a term to show how cool someone is.
(After The Fonz snaps his fingers and four girls come running at him)
Fonz: Aaaay.
Person 1: Wow I can't believe you made it there and back in a minute.
Person 2: Aaaay.
Fonz: Aaaay.
Person 1: Wow I can't believe you made it there and back in a minute.
Person 2: Aaaay.
by Three'sCompanyFan December 21, 2015