an inside joke. ironically, the word itself is an inside joke
Bob: Hey remember what we did last night? DOUGHNUTS! ahhahahha
Tim: AHHAHAHHAH
Jim: What?
Tim: IJ dude.
Jim: What?
Bob: INSIDE JOKE!
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(pronounced wuh-la-khay)
takes on any definition in the context of the situation it is used
Bob: oh no, they are out of maple syrup! how am I going to eat my pancakes?
Tim: Walakhai.
Bob: What?
Tim: That means suck it up and eat your pancakes because we are running late
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