Is used to describe witty and abusive conversation between friends. One person is usually subject to the "Banter" and has the option to retaliate with more "Banter". Modifying the word "Banter" does not qualify as banter such as "BanterBus"; You're a "Bantersaurus" is not considered good banter. Changing the letters of "Banter" is also considered as one of the lowest forms of "Banter".
That "Banter" was hilarious last night!