In this instance, it is an adverb, meaning at a considerable distance. If you use it in a sentence like your example, it could also be replaced with "far".
May 30, 2015
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It's an adverb, it's very informal, and it means "far" or "much."
Also:
"No way!" an emphatic no
"Yes way!" negating the emphatic no
May 30, 2015
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