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1.
When you attempt either to pound it or give someone a high five, and either your or the other person switch the handshake type, without the other person being aware.
Example:

Jim: Dude! That's Awesome! High five!
-Jim begins the high five-
-Rob puts up his fist and hits the middle of Jim's hand-

Thus, the pound five.
by The SP3CTR3 April 19, 2010