Question about Mexican/Spanish slang word. Mexican speakers, what does the word "way" mean in Spanish?

I am not asking for a translation of the actual English word "way".
I used to talk to some Mexican guys and they would always refer to each other as "way". At least that it how it sounds in English. For example, Que paso, way? or Cayete way! I think it is slang for fool in Spanish, can someone please tell me how to spell this word and what it means. Please answer if you are from Mexico especially.

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