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A loud high five shared by two dudes, typically following each one of them shouting "nice!". The frat five was made popular by frat boys.
Duder 1: "Yo dude, did you see that chicks ass? That thing's bangin'!"

Duder 2: "Yea it is! Nice!"

Duder 1: "Nice!"

*slap*

Duder 3: "Really guys? You just did a frat five in public?"
by westfalia May 03, 2010
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