Bay life is a phrase people (usually from the bay area near san Francisco) use jokingly in a thug way. This is very similar to thug life, only that the joke is the bay area is actually very affluent and well behaved.
A mini series on Youtube, created by "samfuller", which is about a white Jewish kid in Berkeley who acts like he's ghetto. It's not real, but it be hella funny!
A phrase originating from the San Francisco Bay Area, used when someone does something very risky, regardless of the consequences. Made popular with the League of Legends community by pro gamers TSM.Reginald and Dan Dinh.
Lulu: Lee Sin, don't tower dive that Vladimir; he'll just pool.
Lee Sin: FK.IT BAYLIFE
*An Ally Has Been Slain*
Lulu: FFFFFFFUUUUUU