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1.
When two people simultaneously give the Nazi salute to each other and their hands meet in a high five, thus the name Heil Five.
Nazi Shithead #1: hello fellow facist wow that is a nice swastika

Nazi Shithead #2: why thank you

Nazi Shithead #1: yes that deserves a Heil Five

(they proceed to heil five)
by Houston June 18, 2006
 
2.
when two people attempt to give each other a high five, but miss, resulting in two unintentional Nazi salutes
Hey man, Archibald and Chester of the checkers team must have poor eye-hand coordination because they just heil fived each other.
by bobthechef July 11, 2010