An exclamation used when something is extremely crazy or surprising, whether the results are good or bad. A combination of the words "way" and "crazy."
> When something was really bad...
> Coworker #1: Yo, did you hear about that church shooting? I can't believe that shit!
> Coworker #2: Fo shizzle, that dude was waycray.
> When something was really good...
> Coworker #1: Yo, that bourne ultimatum movie was [off the hook]!
> Coworker #2: [Fo shizzle], that part when he drives off the parking garage was straight waycray.