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A less formal way of saying "Hello" in russian. More equatable to the english "Hey" or "Hi". Commonly said to friends or people your own age.
Zdravstvuitye would be the formal way.
Russian:

Man 1 - Privyet droog.

Man 2 - Kak dela?
English:

Man 1 - Hey friend.

Man 2 - How are you?
privyet by freshsqueeze December 27, 2009
Related Words
Pricey
When something is overpriced or expensive for what it is

may be just a british thing
Those disposable rubber chickens are a bit pricey, let's try somewhere else
pricey by Moggy006 June 14, 2004

fanny privet

The result of hacking a hedge into a minge like structure using phallic topiery skills.

Can also be the terminology of a lady's thick chuff hair being so dense that it forms a defensive jizz barrier.
"Her fanny privet was so thick it could have thatched Shakespeare's roof"
fanny privet by Jack Jismouth August 1, 2009

Lord Privy Seal

Amateurs and novices in the making of documentaries can't resist illustrating every significant word in the commentary by cutting to a picture of it. The Lord Privy Seal is an antiquated title in Britain's heraldic tradition. The joke imagines a low-grade film director who illustrates it by cutting to a picture of a Lord, then a privy, and then a seal.

(from richarddawkins.net)
Crappy Documentary "I've hit rock bottom" (show a picture of a stone and a butt on the screen)

Audience, "Hey, that's another crappy Lord Privy Seal"
Lord Privy Seal by Oxyborb December 24, 2008
Hello in Russian (Привет)
Privyet tovarish
A Russian greeting equivalent to "hellO' in English and "hola" in Spanish
"Hey man, privet!"
privet by RussianDudster August 19, 2003