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Direct translation is "yes, my friend". Could mean "you da man," "awesome! and "yippe di do da!".
Mr. A: "I finally asked Ms. B out for a date."
Mr. YB: "yeah boyeeeeeee!"

Mr. T: "I pity the foo'"
Mr. YB: "yeah boyeeeeeee!"
by Siddy Boy October 21, 2007
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