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1.
a.) Any transaction using one dollar bills; paying somebody off with one dollar bills.
b.) Any dance commonly performed in urban areas by suburban kids who have no idea how to dance.
c.) the act of snitching; in reference to "I cannot tell a lie."
a.) Greg: I felt so bad yesterday. I had to pay for my burger with a credit card because i didnt have any thing over a $1.

Bill: Dude, next time just do the George Washington.

b.) James: Dude, that kid over there sucks so bad at dancing!

Kareem: I know. Man, hes totally doing the George Washington.

c.) Rudy: Why are we taking out Freddie again?

Bruno: Dunno. But word on the street says he did the George Washington.
by Franco Del Marco September 17, 2006
 
2.
The George Washington is an uncommon act that two men can perform together. It involves a large body of water, and the ability to hold your breath for up to a minute while experiencing the sexual pleasure of oral sex. One of the men is underwater, in a handstand like position while the other sensually plays with his male parts. Either performing a blow job or if physically capable, butt sex.
I was totally disgusted when i looked out my window and saw my neighbors doing the George Washington!

Hey, its awfully hott out, wanna George Washington tonight?
by Trackgrl923 April 27, 2011