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A way to say "high five" for laughs. It is usually said by two straight males using gay voices.
Boy1: I passed the test!

Boy2: Alright! Palm buddies!

-High fives with a gay jump-

Class: (laughs)
by Alison K. December 16, 2009
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Someone who uses the same cum rag as you
Sebastian is Sam's Palm buddy!
They share toy trucks, tricycles, and their CUM RAGS!
by Just Go With It... June 23, 2009
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