It's the letter Y, with two dots on top. I imagine that ÿ is pronounced differently from y, but if so, I don't know what the difference actually is.
by Bob Gurch August 27, 2004
1. Appears at first glance to be a regular "y", but upon closer inspection it contains to dots above it, which is not usual for a y in the english language. These dots give the appearance that it is somehow a deranged smiley face with it's lip hanging far below where its mouth ends.
2. The final definition on Urban Dictionary.
2. The final definition on Urban Dictionary.
by Ace Mulato April 17, 2006
by andrew83 July 31, 2006