It is a crunked up version of Ok. Said when somthing good happened.
White Dude: Dude i fucked a black chick last nite

Black Dude: Yooo you my boy...

White Dude: Yeah

Black Dude: You hit it from behind

WHite Dude: Yeah

Black Dude: Ok kay Kay Kaaayy!!!
by Steve December 20, 2004
Get the Ok Kay Kay mug.