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A “shout out” is a greeting to someone in your life. You give someone a shout out when you’re on stage or when others are paying attention to you. When actors and actresses win awards, they come to the microphone and they thank their colleagues. Sometimes they say hello to their spouses and family members. That’s a shout-out: the award winner says hello to family and friends, by name, from the microphone.
Contestants on Wheel of Fortune give shout outs to their family and friends (and often pets) when they introduce themselves on the game.
Any time a person is at a microphone, or is the center of attention, that person can give a shout-out by saying hello to someone else by name.