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1.
v.: to sell or otherwise redistribute the composite parts of a whole, as with an automobile or computer system, according to the respective practical or monetary value of each

n./adj.: used to denote or describe an item whose original purpose or function as a whole is no longer viable, but whose constituent parts retain some individual practical or monetary value, as with a "part out" car (often hyphenated: "part-out" car), also called a "parts car"

Context: The parting out of automobiles, electronic computer systems, industrial and agricultural machinery, electrical appliances, medical apparatuses, nautical and aeronautical equipment and other mechanical devices and instrumentation is done as an economical and, incidentally, ecological means of recycling (see recycle) and reusing various components that may otherwise be more expensive or difficult to obtain.

See also: part it out; parts queen
v. usage: I intend to part out my 1976 B210 Datsun Honeybee, since the engine block is cracked.

n./adj. usage: The manager of Fred's Auto Salvage sold me a 1972 Buick Riviera as a part-out, which I towed directly to Sam's Auto Restoration Shop.
by Scott Fairbairn November 13, 2007
 
2.
I heard this on The Game Show on GSN called Play Mania. The phone in player used part out to mean shout out. Has anyone else heard it?
I'm part out to my friend on the air.
by n0dvg October 08, 2006