1) Phrase to make fun of someone after they do or say something cocky, dumb, or delusional.
2) A Vagina.
1)
Bro 1: "Yo' you over dat slitch Laqueefa?"
Bro 2: "Come on man, don't talk about her that way. She's special."
Bro 1: "Nay ya'! "
2)
"Get Cray Ya' and slam her Nay Ya'..."