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When you punch someone in the gut, crumpling him over, then punch that person in the face.
Mike Tyson beat him with the old 1-2.

Note -- Also carries ambiguous sexual connotation.

Bill: I gave her the old 1-2.
Ted: ... dude, fucking wifebeater.
by My Fist February 09, 2006
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2
sex act where you eat the girls pussy, then fuck her in the ass. Also known as the Lick & Stick.
I'd sure like to do the old 1-2 on Paula every week.
by bread infection January 02, 2006
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