(verb) Palance is a Trinidadian dialect term which means 'to party and have fun'. It is closely related to the term 'lime' but, unlike a lime which involves hanging out with friends, palancing involves having extreme fun (most typically in a party setting) and can be done on one's own, or with friends as well.
The term, though gaining major popularity during the 2010 Carnival due to the song of the same name (by JW and Blaze), has been around for a long time. The term reportedly was created by the radio DJs JW and Blaze a few years ago and used on their radio programmes. JW has said that the term originated based partially on use/meaning of the word parlance.
To accidentally inhale sharply through both the nose and mouth at the end of a statement, a la actor Jack Palance. This is due either to an oncoming burp or hiccup,or other change of internal pressure.
So yesterday I fell off of the toilet.(gasp)...Wow, I just Jack Palanced at the end of that sentence