boy: "oh thanks babe, good lookin out"
2. When one does a small favor for you.
You: "Good lookin' out man."
Teammate: "No problem I got you."
2. You: "Dude I need to call into work but I don't have a good excuse."
Friend: "Just tell them you have diarrhea."
You: "Great idea! Good lookin out man."
Person #2: yeah, but I told him you were taking out the trash
Person #1: oh alright, good lookin out
Person #2: no problem