The same gesture as the famous High five but a more friendly term that can be exclaimed without making one look/sound like a high-fiving douche bag.
"So these frat boys in their Lexus' tried racing me in my VW, and I totally let them blow past just to watch the cops pull them over... Up Five!"
in lieu of an after-sex high five: "YEAH! I just banged the shit out of you! Up Five!"
By Courtnay
Five-up
To spend an entire night together and not miss a single high-five.
Comes from the idea that people spending time together will have fun and give each other high fives. Since the geek culture boom in the 80's, it's become much easier for a high-five to miss. If one avoids this tragic accident of pop culture, one has been said to be "five-up."
There was a minute there when I thought Brad was going to miss my hand, but he made it, so we were five-up.
If you buy five of the scratch-off tickets that say, "Win up to five times", it very likely will refer to how many times the STATE will win, since you were idiotic enough to spend the money on those five tickets and probably not win anything yourself.