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Crayday means crazy day. Simple as that.
Cray - Short for Crazy and just add the Day at the end.
Person 1: Dude, we just ran from cops yesterday because we was paranoid and we vandalized the walls.
Person 2: Daaaang, you guys must've had a Crayday yesterday!!
Crayday by HawaiianIslands January 8, 2012
Related Words

Craynay Balangatang 

Slang term used by surfers on the East coast of Florida. Refers to when someone takes a hard turn back and dips their head in the water, the flips their hair back sending a streak of water into the air.
(surfer dips head and throws it back)

"Woah dude, check out that nectar craynay balangatang!!! So righteous!!!"

"Werd! So gnarly!!"
Craynay Balangatang by poopoopoopoop February 26, 2009