Can be used in a number of ways :
1. Used as 'Okay',
2. Used as another way of saying 'Riiiiiiiiiiight..' ,
3. Used as a looooooooooooong way of saying 'K' ,
4. Used To make people feel stupid :p .
1. 'Can a borrow a pencil ?' 'Kaaaaaay honey'.
2. 'OMG, soph likes johnny !!' 'Yaa kaaaaaay :p'
3. 'Hey you wanna come to my house?' 'Kaaaaaay :D'
4. Teacher: 'Go to the office now!' You: 'Yaa kaaaaaay Ms..'