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1.
Slapping a cell phone as though giving a high five, usually preceded by yelling "PHONE FIVE!" and used primarily when excited.
Barney: Ted, tonight we're gonna go out, we're gonne meet some ladies, it's gonna be legendary. Phone five!

(Barney does a high five with his cellphone.)

Ted's Voiceover: I had no idea why I hung out with Barney.

Barney: You didn't phone-five, did you? I know when you don't phone five, Ted!
by lilygreeneyes August 22, 2007
 
2.
The act of high-fiving one's phone during a conversation that in person would normally warrant a high-five. Originally coined by Barney Stinson.
Ted, tonight we're gonna go out, we're gonne meet some ladies, it's gonna be legendary. Phone-five! You didn't Phone-five, did you? I know when you don't Phone-five Ted!
by Barney Stinson December 29, 2006