Yay! Edit Meaning

1.

1. An expression of joy usually accompanied by raising both arms in the air; the higher, the more joyful.

Can also be used sarcastically.

Chocolate and sex? YAY!

2.

Used as a conversation place hoder. ie when you cant think of anything else to say. (usually with little or no emotion - to confirm that you were listening)

Person1: ...and so thats how i came to have a ferret up my clacker.

Person2: yay.

See louis