Down N' Out is an equivalent to a One night stand in which you have sexual intercourse with someone only for one time, and never talk to that partner ever again. Some synonyms are quickie, hook-up, hit it and quit it, and one nighter.
You: Oh no, there she is..
You: The girl i banged.
Friend: Why don't you say hi?
You: Man I can't, i went Down N' Out with that.
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