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When someone says or does something very ridiculous or absurd or when you see something you dislike. In a sarcastic way.
This weed is crap dude good lookin out....
Here comes Ñema Head with that Team Dynasty bullshit good lookin out yo...
Look at how this jerk is driving good lookin out
by Nino164 March 19, 2014
short for "good job lookin' out for ______ (me, us)

Yo, man, my hair's a rats' nest today. Can, I borrow your Sox hat? Good lookin' out.
by theunknowngl October 16, 2004