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
Translation of the french verb, meaning 'to speak'.
I parlay french really well.
by Cpt.Flint August 26, 2005
to have sex with a girl right after or before your homeboy has
yo jeff, you wanna parlay this bitch tonight
by Pint-O December 17, 2002
To remove ones friend from a room you are sharing with them, no questions asked, when you bring a girl back to the aforementioned room.
"Buuza, I'm calling parlay on you"
by Gary April 12, 2005

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