Used as an exclamation for when you hear someone tell you something, and you know it is complete bulls**t. Either from the unlikelihood of the whole story, or if you were there and you know what actually happened.

Also could replace "Ya Right!" or a sarcastic "Okay!" in your everyday speech.
Friend 1: "Yo Mrs. Smith wants to buff me, on dogs."

Friend 2: "Yoogaloo!, ur fuckin ugly."
by 50TysonBallPlayer October 19, 2010
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