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1.
To pour an alcoholic drink on the ground in tribute, typically to respect a dead or incarcerated friend. The drink symbolizes one which should have been enjoyed by the absent person.
After Jim died, his friends decided to pour one out whenever they drank together, in honor of his memory.

"One for me, and one for my fallen homies," Chris said, as he poured one out.
by RightWhereItsAt September 24, 2006