When you are not totally satisfied with something but you don't want the other person to feel bad, so you just say "close enough" and drop it.
Nick: Hey dudes, blaze it.
John: But it's 4:21, we're a minute late.
Nick: Oh. well, now it's 4:22, so it's 4:20 too!
John: Umm... Well... Close enough.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).
Precedes or follows either a gratuitously disrespectful or honest remark, originated in New York City. Used in similar fashion to "no offense" or "to be honest," interchangeably.
Ya mans is wild buns, respectfully. Respectfully he's washed.
After school, The Modells on Jamaica Ave was active. Respectfully.