A sly five is essentially a high five, but can only be used appropriatly when somebody has accomplished something very sly.
Two kids at school steal a friends pencil case with out him noticing.
Kid 1#:wow, your really sly at stealing things
Kid 2#:this calls for a sly five
Two assassins kill their target from one thousand feet away using a silenced sniper rifle. Nobody notices.
Assassin 1#: omfg that was awesome
Assassin 2#: sly five me