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A phrase said to express a feeling of excitement over a certain event. Much like the feeling one gets when they are let out of jail on bail. Often proceeded by "I'm" and followed by a noun such as "muthaf*ckas" or "fools."
Fred: "Dude, there's a kegger at the pier tonight."
George: "I'm out on bail muthaf*ckas!"

Al: "I just got a date with hot Laura"
Kevin: "Out on bail, man!"
by JMoney101020 October 24, 2006
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