A noise emitted from putting too much emphasis on wooly, as in a wooly sweater. It came from the Mortal Kombat character Quan Chi, who shouts it as while he does one of his moves.
Woolay is a word you may shout, and nobody will understand it except people who also played as quan chi for more than five minutes. It may also be used as a battle cry before doing something.
Quan Chi: WOOLAY!
*hypnotizes enemy into snapping their own neck*
1) nounused when referring to a vagina with an offensive scent. also known as a woolybooger.
2) term used to describe a person place or thing that resembles an unkempt snatch or behaves in a vajay like manner.