There may also be another lookout from a distance watching the main lookout in the case that body gesture or hand movements are used as a warning. This method is preferred in a noisy environment where a verbal signal may not be picked up.
"Look out" is also a phrase used in tribute to Dio, often yelled by rockers before they down a shot, take a drink or on hearing the opening riff of a Dio song.
*Black Sabbath's 'Mob rules' opening riff starts - "Look out!"
"Here comes that hot metal chick again, LOOK OUT!"
It can be called for a number of reason, Although the main reason of the call is to aware local fellow l33tst3rs about the appochen Bogey AKA Bogan in the area.
Justin - Yea, sweet Jordan melo shirt yo'
Both - LOOOOKOUTTT
Bogan - EH THA FUCK WHEREZ DA RSLZ OR DA SERVO?
Both - Kthxbai