Internet term for "Oh, really now?"
used as more of a joke than a question in most cases. It originated from an internet meme The orly owl and was carried off into various slang and/or leetspeak (1337).
A good example of where this term may be used is the popular website, 4chan (since most internet memes were basically generated from 4chan).
The usual response to this phrase is Yarly or Ya rly.
Person one: Hey, Joe. I just got the new maps for halo 3.
Person two: Orly nao?
Person one: Yarly.
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).
Boys who enjoy yaoi (a genre in Japan that contains sexual and/or romantic relations between two men); literally translates to "rotten boy"; corresponding female : fujoshi