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Meaning of Saturday-night special

Sat'ur•day-night spe'cial

Pronunciation: (sat'ur-dā-nīt", -dē-), [key]
— Informal. Informal.
  1. a cheap, small-caliber handgun that is easily obtainable and concealable.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.