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1.
Providing a non-verbal indication to someone that you are ready; usually ready to go or leave, or ready to do something. Can be done in a number of ways - high wave, thumbs up, point with index finger.
You stumble in to a very boring party. You and your buddy both know that you want to leave. One finally gives the high sign to the other by pointing to the door. They leave.
by Pine Stump Junction November 10, 2007
 
2.
A verbal greeting used to indicate the official commencement of introductory Spanish classes. The profesora typically selects a student, who gives the high sign, thereby calling the class to order.
Profesora- "Nacho Meyers, would you like to give the high sign?"

Nacho- "Sí. Silencio clase. Levanten las manos. La clase de Español empieza. Las bocas estan cerradas. Bájense las manos."
by TheDudes44107 June 20, 2008