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One Up, One Down 

A military slang term that describes when two personnel are posted at a lookout or guard situation. One unit stays alert and awake watching for movement/activity (one up) while the other takes a nap or rests (one down). They alternate so as to be able to extend their alertness for a longer time. It is an unwritten rule that you must wake the resting person if you start to become tired yourself as the "One Up".
"We had 12 hours stuck on that LP/OP behind enemy lines so Smith and I decided to go One Up, One Down. I took Up first."
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One Up, One Down 

A game, the object of the game is to figure out how to play.

you have 3 choices: 2 up, 1 up 1 down, or 2 down. what you are is dependent on your hands/arms for instance if you have both your hands in the air then you are 2 up

the point of the game once you figure out how to play it is to play with other people and change what you are as nonchalantly as possible
John: Want to play One Up, One Down?
Bob: Wtf is that?
John: c'mon just play

one up-one down 

when you want to be cool and are asked the question of how you are doing, you can answer one up-one down, instead of the ubiquitous so-so

one up-one down 

If you want to sound you can answer one up-one down instead of the ubiquitous so-so

two fingers up, one down 

to say deuces (goodbye) to someone and then flick then off (fuck you). Usually used when someone pisses you off or you don't want to talk to them anymore. (Yes it means you put two fingers up and then leave the middle one up.)
"why are you acting like a little bitch...that's why no one can stand you!"

"Man, two fingers up, one down"