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Its a coloquial term used to note agreement. It existed as surfer speak in the 1960's as the incredulous pharse "No way!",so just the pharse "Yes way!" was used to emphasise the correctness of the preceeding statement.

The "Yes way" statement eventually was shortened to "... Way".

During the 1980's the films "Bill and Ted and other films such as the highly popular Waynes world made fun of Surfer speak and popularised the phrase.

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