Was just sat here randomly thinking and then, ´vay be´ came into my mind. I´ve seen this being written on facebook a few times and although I understand what ´vay´ means I´m unsure what ´vay BE´ would translate to. Would it be something like, ´wow´ or something like that?

thanks

Yes "be" has no meaning, it´s just an exclamation. When you see it just ignore it. But it´s used in informal speech.

bir de "vay anasını" var. ignore the "anasını" part.
hatta bir de "vay amk" var ki tamamen ignore et, terbiyemizi bozmayalım!

all same or similar meaning.