It is what people of Hispanic descent say when they are in agreement with something that was said.... usually with an accent.
Quote from Pineapple Express:
Seth Rogen: *in his car singing ELECTRIC AVENUE*
Hispanic guys: *also singing it pull up next to him*
Seth Rogen: Hey Electric Avenue!!
Hispanic guy 1: ay no, RIIIIIIGHT?!!!!! (I KNOW RIGHT!?)
Take that shit to the next level, eh?
Seth Rogen: Ok... I will! :)
Hispanic guy 1: Orale.... *to hispanic guy 2* es pinche fresa (he is a fruit---a strawberry...)