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2.
The act of leaving work ten to twenty minutes before anyone else via a preordained excuse, and trying to be stealthy about it so that nobody catches wind of you exiting the door.

Also known as a "Parrish Pass"
Jake: "What time is it? 5:15? I have to (insert excuse), think I'm going to Jake-out. Have a great weekend!"
by mattjerz March 24, 2011
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1.
While playing Texas Hold'em, it is the act of folding before the flop for a small bet ($1-$2) then getting a winning hand on the flop. Usually it is a full house or better.
I can't believe he folded a Jack/Seven suited when 3 sevens came out on the flop. That was a real jake out...
by Jeff Boy RD April 14, 2013
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