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1.
Et finger is used similar to snitch. Pointing the finger at a "guity" party. Used In several bay area hip hop tracks
Put that ET finger up, you stooley
Don't tattletale, the number one ruley
by Don't snitch April 12, 2009
 
2.
an ET finger is another word for a blunt. (when its lit it glows at the tip just like ET's in the movie)
ay joe pass the et finger
by wesley dupar-scott June 07, 2006