That’s the famous New Orleans greeting (to which the proper response is “Awrite”). N’Awlins natives have a special way of talking, which is entertainingly documented in the site How ta tawk rite: A Lexicon of New Orleans Terminology and Speech:
I hope that this brings back memories for natives, and I also hope that it may enlighten visitors to the Crescent City. It may help make the difference between a mere tourist and a truly interested visitor, and I think that’s an important distinction. You don’t want to look like an idiot, saying “Huh?”, when the lady behind the counter at the po-boy shop asks you, “Ya want dat dressed, dawlin’?”
I particularly direct your attention to the section “A guide to the pronunciation of local place names” (most of the way down the page), where you will learn the proper pronunciation of the street names Burgundy (bur-GUN-dee), Burthe (BYOOTH), Cadiz (KAY-diz), and the like.
Another, less systematic, site is here; I note with bemusement that this site refers to “Eye-berville” Street, whereas “How ta tawk rite” says “IBERVILLE STREET – Pronounced IB-ber-’vil, not EYE-ber-’vil.” Y’all get your act together, heah?
Update (February 2010): See now this Language Log post.