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1.
When someone "likes" a comment you have made on another person's status, and you "like" the same comment in response.
This is the first recorded use of the Facebook High Five between the accredited inventor Jason Dominguez, and his friend Gary Wynans, and serves as an example of it's use:

Gary Wynans applaud this man!
9 minutes ago · Unlike · 2

Jason Dominguez The way to applaud on facebook is the double like... it can also be used as a virtual high five... let me show you....
8 minutes ago · Like

Gary Wynans i WISH facebook had a high 5 button
6 minutes ago · Like

Jason Dominguez This is serve as proof we invented it... Don't delete this status... we may be coming into a nice fat check pretty soon!
5 minutes ago · Like

Jason Dominguez UP HIGH!
4 minutes ago · Unlike · 2
av Jaybevil 2 december 2011
 
2.
To like a status, comment, photo, video, or link on the social network Facebook. Can also be used to describe someone who likes their own status, comment, link, etc......
Example 1- Emilia gave me a Facebook Highfive for the link I posted about our friend's epic fail today.

Example 2- Dude?!?! You like everything on Facebook, INCLUDING your OWN stuff....... its like giving yourself a highfive..... a FACEBOOK highfive that is!!!
av gman14 14 januari 2011