Oclayo (awe • KLAH • jaw) means eye, and it is a derivative of ojo (lit. eye). It is typically used in conjuntion with echar, as in echar un oclayo (lit. throw an eye), which means "to keep an eye" or "to take a look."
Porfas, échale un oclayo mientras voy a echar la firma.
Would you please keep an eye on this while I go to take a leak?
Le eché un oclayo a unas boclas de segundo cachete muy chidas, me latieron mucho.
I saw a pair of second-hand speakers pretty cool, I really liked them.
Spanish filmmaker Luis Buñuel shocked the world in 1929 with his surrealist short movie "Un Chien Anadalou" (An Andalousian Dog). The film opens with a scene in which the oclayo of a woman is cut with a razor blade. Échale un oclayo a la película.