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The word is mainly used by people from different ethnical groups. Often used in Norway. Non- racist means.

1. It's used in the meaning like " damn homie". It's a way of mocking somebody, but not in a bad way, more in a funny way.

2. Can also be used in terms like when you see a nice car, an expencive watch etc.
1. A couple of guys telling " Yo Momma"- jokes:

Amin: Your momma so hairy, she got afro on her nipples.
Other guys: " Ollløø"

2. "Ollløø homie, that sure is a nice whip you got there!"
by Leifi March 14, 2007
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