The word "Vale" in Jalisco

I am interested in finding more information on the word "Vale" and its origin. I can remember hearing the word "vale" around the house. The word "vale" is used when referring to someone.
I do not want to confuse anyone with the way that the spanish use the word vale. Correct me if I'm wrong, for the spanish, it means something like "OK" or "de acuerdo". An example of its use in Jalisco would be: Qvo le Vale, Andale Vale, Mira Vale, Ese Vale. Some people use it more than others but I have noticed that people from Jalisco, Nayarit, Sinaloa seem to use it the most.
I also remember hearing the word used like the way we use it in Venezuelan Novelas. http://answers.yahoo.com/question/index?qid=20070627102059AAseGtR

I can't imagine the word being a slang word. Your input greatly appreciated.