Steve: Yeah, and I heard you got that chick.
A guy five is done when something epic has happened, or when the excitement of life and brofriendship gets to be too much. Often coupled with a brohug.
Guy fives should be celebrated in society and performed regularly.
James: "GUY FIVE!"
*Huge slapping noise reverberates throughout the world*
Guy1: "No way, you didn't... you DID!"
Guy1 and Guy2: (Guy-five with attendant knowing grins)