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1.
To give a handjob, often times casually, between two male heterosexual friends; as a favor, or payback for a favor.
Tim: Bill, did you get my laundry?
Bill: Yeah, Tim, it was no big deal.
Tim: Awww. Thanks, I'll throw a handy to you later on.
Bill: Sounds great, and non-gay!
by Matt "The Magnum" May 07, 2008