The process where one initiates a handshake and/or high five and the other party member acts as if they are going in for the same thing, but unexpectedly brings their fingers together to create a beak-like shape and hits the initiators palm with his fingertips, as if they are "pecking" the others palm of their hand. The giver of the beak then proclaims a statement about being "beaked" or "you got beaked". The receiver of this tends to be embarrassed and ashamed.
Person 1: "Hey man what's up?"
Person 2: "Nothing much." (goes in for high five)
Person 1: (goes in for high five)
Person 2: (at last second makes beak with hand and hits the palm of Person 1) "BEAKED!"
Person 1: (tries to laugh it off, but feels utterly ashamed)