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
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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
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In betting terms a parlay is used to take winning's from a previous bet and add them to a new bet. A better term to describe this would be to "Press your Luck".
Dealer: What do you want to do with your winnings?
Me: I want to press it. (parlay)
by Trever "Parlay" Trader September 29, 2005
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1) to dilly dally and waste time

2) to appear as if one is working hard, but nothing of value is really being accomplished
by Ratchetrhythm May 15, 2014
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It's when you drink a bit, smoke a bit, fuck your girl a bit, then watch some TV.
"Yo what you doin rite now?"
"Ah I'm parlayin for a minute boy"
by SaintAdamm September 24, 2008
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A fancy party. Usually outside of the ghetto.
We shall take a taxi instead of the bus to go parlay.
by edplayer September 27, 2004
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