The Collaborative International Dictionary of English v.0.48:

lowball \lowball\ n.
   A poker game in which the lowest-ranking hand wins.
   [PJC]

The Collaborative International Dictionary of English v.0.48:

lowball \lowball\ v. t.
   to give a deceptively low estimate of the price of
   (merchandise or services); -- a sales tactic to induce a
   person to buy.

   Syn: underestimate.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

lowball
    v 1: make a deliberately low estimate; "The construction company
         wanted the contract badly and lowballed" [syn: lowball,
         underestimate]