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1.
To exit a vicinity by moving to an imaginary beat with both hands extended to the sides at waist level.
See movie "Clerks", in which the eponymous character randalls both in and out.
by jseale1978 October 26, 2003
 
2.
To back out of a commitment.
I'm going to randall-out of our jujitsu class.
by El Duderino 44137 June 06, 2007