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2.
To give someone a high five.
You go up to your friend and say "Hey! Give me some Palmsauce!!" then, give them a high five.
by Jennibatmanfer January 27, 2008
 
1.
The gelatinous goop excreeted from the male penis via the act of masturbation. It not disolve well in water and often turns into small globules affectionatly known as cum-balls.
man.. I was doing the five knuckle shuffle last night, and i totally got palm sauce all over the place!
by b.blaze April 12, 2006