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Although strictly speaking a derogatory term as defined above, it can (and often is) also used affectionately.
A: Where is Billy Littleknife?
B: I dunno. Stop asking such questions and come here.. You Silly Billy, you !
snogging ensues....
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An proclaimation of victory used by someone at least 25 years older than their opponent. It is such a bad insult, that only the older (or should I say wiser? Maybe not...) can use it and not look stupid. It basically means that their opponent is too immature to be treated to a real insult.
Silly Billy, don't fuck wit dees old ass niggaz.
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A silly Billy is someone who is either very silly or is acting like a willy, can/or be combined with words such as vanilly, lil etc. to further validate if someone is being a silly willy vanilly Billy
Omg Chris you are such a silly Billy. You are the absolute definition of a silly Billy
N. Ghetto slang used by black people, rappers, and porn-stars used to replace the words 'fucking retard'. More effectively used when the person being referred to is named Bill or William.
Wow Em, you should really put your clothes back on, we are at church! You are acting like a Silly Billy.
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A very out of touch racist person. Somebody who says something super racist but doesn't even know it.
Joe: "I hate African Americans"
Lucy: "You're such a silly billy!"
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