1) What's the difference between:<br/><br/>It's too cold.<br/>It's way too cold.<br/>(Does 'It's way cold' exist?)<br/><br/>It's better <img class='emoticon' style='Width:19px;Height:19px;' data-delaysrc='https://uat-englishforward-forums-backend.s3.us-west-2.amazonaws.com/Emoticons/68.gif' src='https://uat-englishforward-forums-backend.s3.us-west-2.amazonaws.com/Emoticons/68.gif' alt='Emotion: football'/>.<br/>It's way better.<br/><br/>2) What does 'way' in this case mean?<br/>3) Is it formal?