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1.
Celebratory gesture made by two people, slapping each other's lowered hands.
Opposite of "high five", but still carries the same social meaning, often sarcastic.

Two frieds slap each others hands and say "low five"
by dukot February 28, 2007
 
2.
when two guys slap their penises together, intentionally or unintentionally. usually occurs in tight, naked places such as a locker room
tom and ben turned around at the same time in the locker room and accidentally gave each other a low five.
by TallPeniz April 05, 2011
 
3.
A slang term for a hand job.
Mary gave Joe a low five in the back row of the movie theatre.
by Ericg007 January 17, 2008
 
4.
The same as a high five, just horizontal and instead of slapping each others hands one person holds their hand horizontally and the other hits it.
A: Low five!
B: OK

/smack/
 
5.
Hand gesture used by motorcyclists and some others in respect and acknowledgment of fellow riders. An extended left hand wave with the arm slightly below the handlebar. This is done for both safety (don't wanna take your hands too far off the bars) and discreteness (it's an "inside thing".) Most riders are very friendly this way. Others won't return the gesture if you're riding a "foreign" bike or one not of the same make as theirs. Harley riders are notorious for this and other jackassery.
Hey, Dude! Low Five as we pass opposite ways on the road.
by Biker23 August 24, 2012
 
6.
Another name for masturbation.
Before dates, give yourself a low-five. It releases the endorphins, removes personal stress
by BasketOfFish December 16, 2006
 
7.
In sports, this is the act of slapping the behind of a teammate or competitor.
He gave me a LOW FIVE when he passed me in mile seven of yesterday's marathon.
by Slow Fox July 22, 2008