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YOLO= You Only Live Once. YOLO is a common saying commonly overused and/or used in the incorrect context. Generally people use it as a way to justify their stupid actions. In actuality YOLO was created as a way to look at life, and to ensure you enjoy every last second. This means to stop worrying about the past, because you simply don't have time. Always look to the future, and make the most of every second you have!
Incorrect use!

Person A: Yo man I just took a dump on a park bench!

Person B: YOLO

Correct Use:

Person A: Hey I'm still getting over Person C, I cant stop thinking about them!

Person B: Dude YOLO, don't worry about it! Lets head to the gym, and we can talk about our summer trip while we are there!

Person A: I guess you are correct, I only live once lets go make the most of it!
YOLO by BMAN May 15, 2013
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In California's county of Yolo, west of Sacramento, many residents find it funny that our county's name has come to be a sort of meme of hip lingo. It's hilarious to think that beautiful people in NYC might wear shirts that say "YOLO" in giant letters when we have virtually no special reason to have any great local pride.
In fashionable boutiques in Brooklyn's Williamsburg section, track jackets which read "YOLO" sell for $100; but in Yolo County, California, the Chamber of Commerce lost thousands on a run of Yolo County tee-shirts that failed to spark any consumer interest.
yolo by DJ Rick January 18, 2007
Related Words
Annoying Teenage girl: Lets get drunk! YOLO!

Edjucated Human: I say madam, did you perhaps mean to say "carpe diem"?
YOLO by Sir Reginald Wellington V October 18, 2012
Have you seen my football helmet? I'm about to get on the short bus. #YOLO
YOLO by SilentGing September 15, 2012
Used by girls to indicate they like anal
the girl put her Facebook status as YOLO, i thought it meant you only live once, then i learned she likes it up the butt.
yolo by skizfrenik syco October 14, 2012
A very overused term that stands for "you only live once."
Mike: Dude, do you really want to try to eat the 12 spicy wings in 6 minutes?
John: YOLO!
Mike: And then celebrate at the Dollar Store?
John: YOLO!
YOLO by eatmydickjusteatit October 1, 2012