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1.
A relaxed term of saying good-bye, and "ease's" out of the conversation.

Usually used in a lighter form of conversation, similar to saying later, peace out, etc...
Person A: John is finished talking with Jill, and say's "Alright, Ease-out."

Person B: Mitch has recently realized that the person he is talking to is in fact the boyfriend of the girl he just slept with...time for Mitch to "Ease-out"
by friendlyfire28 July 03, 2012