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1.
The act of watching out for someone in their best interest.
Dude 1: Hey man, I saw you weren't in class today. I took notes for you.
Dude 2: Thanks man. Good looking out!
by Adam Bicksler July 15, 2008
 
2.
Watching out for another's best intrest.
Thanks Mom for putting up my bike last night, I forgot.That's goodlooking out.
by winglessfairi January 23, 2007