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?"
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 3, 2010