Part of the mythical set of pirate laws. Parlay entitles its invoker with free passage to negotiate with a ship’s captain until the negotiations are complete.
ELIZABETH: Parlay! I invoke the right of parlay! According to the Code of the Brethern, set down by the pirates Morgan and Bartholomew, you must take me to your Captain!

--Pirates of the Caribbean
by Teresa from OK October 5, 2009
A discussion between two individuals usually on the topic of business. Generally used by lieutenants in the dope game.
Yo you know where omar at?
Why, you got beef with him?
Nah, I'm just lookin to parlay.
by elm0z January 8, 2010
Slang for calling for someone attention

It stops the use of the N word!
“Say parlay” calling for attention

“Wassup parlay” a greeting

Shiiit nun parlay” just casually using it so u don’t have to say there name.
by Koolman July 12, 2019
Means to chill, relax, have a good time.
"Heres the sequel/ you can get drunk as a skunk but weeds illegal/ im forever blunted anyway/ i dont give a FUCK what uncle sam say okay? lets parlay"

Fo Eva Blunted- Nine
by blunted420 August 26, 2008
Getting out of a sticky situation. Quoted from the first Pirates of the Caribbean, when Jack Sparrow is literally about to get his ass handed to him, but before he gets pwoned he quotes the pirate law of parlay, where if a pirate shouts this he and his party cannot be harmed.
this can be used in many situations today, such as not getting sacked from work, or splitting up with your girlfriend just to name a few.
Jenny - ' Johnny our relationship isn't working. I think we should see other people. let's spli..'

Johnny - ' PARLAYYYYY!!!!!!!'

Jenny - ' Dammit not again...'
by Chuck Norris's Grandson January 25, 2011
To chill or max to the fukkin fullest. Typically in a closet
"Son, I'm just looking for a spot to parlay"
by PaulitosWay May 30, 2021