Hanging out. The term derives from someone meeting up with a group of friends and greeting them with the appropriate handshake of that particular sub-group of friends, who then proceed to hang out.
"Homeboy here was s'posed to pick my ass up at the bus station, but was slapping fives with Pookie and Deaner."
by xfactor_7777 January 23, 2007
Get the slapping fivesmug. 
by Harry Strode June 02, 2008
Get the slap me fivemug. Going to bed with palm rested on pillow.
While at the same time you're consequently giving the pillow a high five all night long!
While at the same time you're consequently giving the pillow a high five all night long!
by Johnathan Angelo Rosa Jr. April 04, 2009
Get the Slapping high fives with my pillowmug.