expression or interjection of pleasure or pleasant surprise.

another way of saying oh boy or oh yea
less severe way of saying hell yes

a good thing to say when presented with dessert or candy
when she tore her blouse off and proceeded to yank me towards her by my necktie, i exclaimed, "oolala!"

when the waiter came with dessert, trudy exclaimed, "oolala!"
by papermachete October 27, 2005
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