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Parlay - (verb) - 1: to bet (winnings) in a successive bet; 2a: to exploit successfully b: to increase or transform into something of greater value.

Parley - (noun) - a conference between opposing sides in a dispute, especially a discussion of terms for an armistice.

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Will was able to parlay a dinghy into a nice big pirate's ship during a parley with the opposing ship's captain.