An example of buoy is when you try to cheer up someone who has just been fired and to encourage him to keep his hopes up.
An example of buoy is when a life jacket helps to keep you afloat.
An example of a bouy is a floating post with a light that shows the entry to the harbor.
A glider buoyed by air currents.
To buoy an anchor; to buoy or buoy off a channel.