Let's break it down:
* Ola means "life" or "to live."
* E is a grammatical particle used for emphasis.
* Ho can be part of various words, but here, it doesn't seem to fit any common usage.
* Lo can be a shortened form of "loa," meaning "long."
Therefore, "Ola e ho lo" doesn't form a coherent phrase with a clear meaning in Hawaiian.
If you have a different phrase in mind, please provide the correct spelling, and I'll be happy to help you understand its meaning.