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Place-holding expression used to buy time in a conversation, especially when searching for a polite response to a breathtakingly dumb statement by someone else.
"Watching 'Kangaroo Jack' changed my life!"

"Okaaay . . . "
Okaaay by John Murray February 24, 2003

Okaaay....Wayne!

Comes from a part of the movie Wayne's World in which the host says to Garth (Dana Carvey) "Your name is pronounced Algar, correct?" to which Garth hesitates uncertainly with an "Okaaay..." and then "WAYNE!" Saying this phrase means you either do not understand something someone has said, or you are greatly disturbed by it (or both).
This phrase will constitute the epitome of your feelings when the following occur:

1)Your parents start singing an old and scary song.
2)Your friends or someone else say something dumb or just plain weird.
3)Something just happened, but you aren't sure what, exactly.
Okaaay....Wayne! by KLOT November 11, 2004
You Say That when You see something strange
"Okaaaay,this doll was not here"
okaaaay by 43einhalb January 2, 2016

OKAAAAAAAAAAAAY! 

Word commonly used by famous rapper/artist Lil Jon. Has no meaning what so ever..he just says it, thats the only reason he makes money.
White Guy- Hey Lil Jon, want to go hang at this bangin party?

Lil Jon- OKAAAAAAAAY!
OKAAAAAAAAAAAAY! by Eric Zay January 15, 2005
like okay but cooler because it has a 'z' in it
Ollie: hey, lets go shoot rats with machine guns!!
Dan: okazay
okazay by Hopsticks July 19, 2010

OKAAAAAAAAAAAAY! 

An expression of approval and/or indicator of future action. As popularized by Lil' John.
"We gon' get up in dis party tonight! Y'all ready? Lemme hear you say 'OKAAAAAAAAAAAAY!'"
~Lil' John
OKAAAAAAAAAAAAY! by redgyul September 21, 2004