When traveling south of the border or most anyplace in Florida, Texas or Arizona, the "High Cinco" takes the place of the standard "High Five".
Much like the standard High Five, there are times when the Low Cinco is the appropriate exchange. This, of course, is an advanced maneuver and should not be attempted by rookies.
An alternate pronunciation is required for trips to Asian countries, where it is pronounced "High Chinco".
Two friends walk into their favorite Mexican restaurant and see a sign for "dollar beer night". Thrilled with the cheap beer - a spontaneous High Cinco takes place.