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Stands for, "We Only Live Once." It's a phrase used to remind a friend or passerby that their choice NOT to do something awesome is a bad one. It can also be used to remind a friend or passerby that their choice TO do something is a good one.
Mikey: "Dude, I just don't think I can make it to the Playboy Mansion Party with you. My girlfriend will kill me."
Nick: "Why not man? WOLO (Wo-Lo)!"
Mikey: "Excellent point. I'll go!
OR.....
Mikey: "I am so pumped we're going bungy jumping today. This is crazy!"
Nick: "Well... WO-LO"
by 2Dice February 04, 2010
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