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Banay is used to describe a feeling of undescribable emotion. It can be said when one is upset, extremely happy, horny, or just plain old goofy.
After having a night of unbelievable sex, one could yell out "BANAY!"

Or

While at the office doing hours of data entry, one could say, "this is banay, life sucks."
by Jesse Chase April 10, 2006
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