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In the United Kingdom 'Yay' is most often used by young girls, to express hapiness at something, in a childlike way.

This seems to arise from the use of 'yay' by toddlers who cant say hooray properly.

Yay is often used to express delight at something in a childlike way.

It is rare to hear an adult in the U.K. saying this, unless they are talking to a baby or toddler.
It's christmas, Yay!
Yay, I won a prize!
Yay, Tellietubbies are on the T.V.
yay by Kai_76 February 18, 2008
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It's a Californian term for cocaine or freebase
"Yo my nigga! The yay leaving San Fierro, right?"
yay by MisterCeeJay June 22, 2006
Related Words
YAY! yayo yay area yayness yayer Yayday yay yo yayaya yayee yayhoo
" Yay!!! I can't wait to go on my vacay! "
Yay by wanda (O_0) May 31, 2009
A happy word! I mean look at it! It looks so happy!
You know what's a happy word? Yay!
yay by i like ponies and unicorns December 27, 2009
Slang for "cocaine"; Popular word used in California
"No idea how much yay i can bring in the states" T.I.
yay by y-DUB January 2, 2009
"Whoo, HOO!Yay! School is out for summer! See you guys next year!"
yay by anonymous March 12, 2005
Cocaine, snorted, injected or rarely, swallowed.
My cousin died over some yay and I miss him, T.I, Live in The Sky, King(2006)
yay by Tip Harris June 16, 2006