The Spanish root word 'ole' is a three-letter word that is used to express joy or approval. It is derived from the Latin word 'olēre, ' which means 'to smell.' Ole is often used in Spanish-speaking countries as an expression of enthusiasm or encouragement, similar to the English phrase 'hooray!' It is also used to express agreement or approval, such as when someone says '¡Ole!' to show their support for something.