"Il y va, j'y vais."
he goes there, I go there.
"y" stands for a place mentioned before.
ex: Question: "allez-vous à l'école ?" (do you go to school?) Answer: "oui, il y va et j'y vais" (yes, he goes [to school] and I go [to school])
I can barely make out the second part. Get better pronunciation machines.
It's pronounced just like I've heard actual French people pronounce it. The point is to learn to understand it as it is spoken in real life.
"y" is a vowel in French, pronounced "i". So, there is a hiatus between "je" and "y" because they are two vowel sounds. Hence the elision of "e" and replacement by an apostrophe.
verb "aller" cannot stand alone, you need to express the direction where you go to, even with only a hint:
"y" means "there"