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1.
a circular piece of rubber you buy and put around your wrist to make you feel better about yourself. Although the money can often end up in rather stange places like ebay seller accounts, Nike (if you're aware of racism) or who knows where (make poverty history as it wasn't designed to make money apparently).

They can help stop skin cancer as they stop UV rays reaching your skin
hey I got a Livestrong wristband to show cancer awareness! You don't have one...are you not aware of cancer?
by Chris Whittaker December 27, 2005
 
2.
A coloured silicone band that you put around your wrist. They were made for charities to increase donations.
Now some sick b******s are making fakes just to make money and people everywhere buy them and don’t give a s**t about the charities!!!
(A beutiful idea that has been abused in an ugly way) For Shame...
Beat Bullying = Blue
Livestrong = Yellow
Anti Racism = Black & White
CF Trust = Purple
Make Poverty History = White

etc... (hundreds more)
by ollie a May 01, 2005
 
3.
A term applied to girls that look/dress/act older than their age who should be forced to wear a wristband (like the ones given out at clubs) so you can tell whether they are over 18 or not.
Used either as a warning from one man to another that the girl may be underage

Example 1:

Will: Check out the booty on that chick!
Matt: I dunno man, that one needs a wristband

or as an exclamation to draw attention to the girl.

Example 2:

(Hot, Young Girl Walks By)
Will: WRISTBAND!
by Zots3000 August 20, 2009