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Sike Naw 

1)no
as if
no way

2)can be used in a just kidding sort of way
1)
Girl: "My hair is gorgeous!"
Girl's Sister: "Sike Naw! It's hideous!"

2)
Boy: "I'm giving my Wii away for free!"
Boy's Friend: "For real?"
Boy: "Sike Naw! Your not getting that Wii!"
Sike Naw by sylvia star April 7, 2009

Sike, naw...but forreal though 

It's a phrase one says when they aren't really kidding but instead use this to take off some of the "truth hurts" pain. While people are laughing because you said sike, you throw in..."But forreal though.."
Jim: Dude your girlfriend is pretty ugly
Mike: What ?
Jim: Sike, naw...but forreal though...she's pretty ugly