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1.
an informal way of saying 'bye'.
often used in the armed forces, followed by a salute.
Also works well with a wink... ;)

Person 1: "was nice talking, will see you tomorrow"
Person 2: "yes mate... over and out ;)"
by Shane Acton :P September 28, 2006
 
2.
A conflicting term introduced by Hollywood and Military wannabes. In mediocre movies, the phrase is said to acknowledge a response on the radio. In actuality, "Over" means that you have heard the message and expect a reply while "Out" means that you have heard the message but you are ending the conversation.
Soldier 1 : "Eh Sergeant, didn't that Corporal fail his radio test?"
Soldier 2 : "That Chuck Norris addict said 'Over and Out' like the Holly-fucking-wood movie!"
by The Legendary October 16, 2014
 
3.
The day after a party with booze and bud - you're hung over and burnt out.
Last night was amazing. I'm just so over and out.
by Tits' August 24, 2007