Evaluate the expression for $x=2$ and $y=4$. \[ 16 x^{0}+2 x^{2} \cdot y^{-1} \]

Step 1 ：Substitute the given values of x and y into the expression. So, we have \(16 \cdot 2^{0}+2 \cdot 2^{2} \cdot 4^{-1}\).

Step 2 ：According to the order of operations, we first evaluate the exponentiation. So, we get \(16 \cdot 1 + 2 \cdot 4 \cdot 0.25\).

Step 3 ：Next, we perform the multiplication. So, we get \(16 + 2\).

Step 4 ：Finally, we perform the addition. So, we get 18.

Step 5 ：So, the evaluated expression for \(x=2\) and \(y=4\) is \(\boxed{18}\).