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It is actually 2 words - under way - and was originally a nautical term meaning that a ship had begun its journey.
Likely to have been of early British Naval origin.
Over time, it has also become a description of an event having started.
Hurry if you want to see the ship leave, because it will soon be under way (not underway.)

The search for the missing child is already under way (not underway.)
Underway by Authorwise May 26, 2011

it's not gay if you're underway 

Homosexual acts are acceptable - indeed, not gay at all - if performed on a naval vessel away from port.
"I licked the Able Seaman's balls while he came on my face, but it's not gay if you're underway, am I right?"

Underwater ‘Parasite’ Cocaine Smuggling

Underwater ‘Parasite’ Cocaine Smuggling — A tactic where gangs use scuba divers to attach cocaine stashes to the hulls of unsuspecting ships.
I make my living as a scuba diver; but, I ain’t no Jacques Cousteau — I’m into Underwater ‘Parasite’ Cocaine Smuggling . It’s dangerous but quite lucrative!!!!!!!

underpayed & overworked

Not getting enough money for the amount of work being done.
Getting underpayed & overworked @ any job really sucks.
underpayed & overworked by jpg3 September 29, 2013

UnderWater FlyZone 

When you feeling down or upset but there’s always something or some place that makes you feel wanted or happy, even something you look at like a picture, basically anything that makes you feel happy or wanted that’s called your UnderWater flyZone.
Are you ok? Yea I’m just listening to music...that’s kinda my UnderWater flyzone...

Underwater Ceramic Technician 

A fancy name for someone who washes dishes. (Dish pig)
What do you do for work? I'm a doctor"......"Ummm...".....*embarassed* ... "I'm an Underwater Ceramic Technician"...."Wow that sounds impressive!"...."yes..yes it is.