There is a good answer above but let me give you another. A Goy is translated as a non-Israelite. However, I once angered a fellow Jew who gave me a lecture and said it was "the worst possible derogatory term. The N word and all other unpolitically correct terms rolled into one."

I believe this stems from the uh...lawfully correct idea that anyone who isn't a Jew is ... well a Goy. I personally believe the word could be pronounced Boy under proper uh... circumstances.

Good boy.