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Part of the mythical set of pirate laws. Parlay entitles its invoker with free passage to negotiate with a ship’s captain until the negotiations are complete.
ELIZABETH: Parlay! I invoke the right of parlay! According to the Code of the Brethern, set down by the pirates Morgan and Bartholomew, you must take me to your Captain!

--Pirates of the Caribbean
by Teresa from OK October 04, 2009
Getting out of a sticky situation. Quoted from the first Pirates of the Caribbean, when Jack Sparrow is literally about to get his ass handed to him, but before he gets pwoned he quotes the pirate law of parlay, where if a pirate shouts this he and his party cannot be harmed.
this can be used in many situations today, such as not getting sacked from work, or splitting up with your girlfriend just to name a few.
Jenny - ' Johnny our relationship isn't working. I think we should see other people. let's spli..'

Johnny - ' PARLAYYYYY!!!!!!!'

Jenny - ' Dammit not again...'
by Chuck Norris's Grandson January 25, 2011
In betting terms a parlay is used to take winning's from a previous bet and add them to a new bet. A better term to describe this would be to "Press your Luck".
Dealer: What do you want to do with your winnings?
Me: I want to press it. (parlay)
by Trever "Parlay" Trader September 29, 2005
A fancy party. Usually outside of the ghetto.
We shall take a taxi instead of the bus to go parlay.
by edplayer September 27, 2004
to go somewhere. to head out for a night on the town.
"aigh't guys, let's parlay"
by k.david September 24, 2003
It's when you drink a bit, smoke a bit, fuck your girl a bit, then watch some TV.
"Yo what you doin rite now?"
"Ah I'm parlayin for a minute boy"
by SaintAdamm September 24, 2008