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1.
a) giving one person their props by extending one's hand out forming a fist, while looking in a completley opposite direction in which the fist is offered. The recipient then looks away also as the two bump fists.

b) the ultimate sign of approval; no such higher reward known to man
Dude, you won fifty bucks last nite playin cards???? No look fist it one time!
by Frank November 26, 2003