To faint; to become unconscious
I pass out at the sight of blood.
To distribute, to hand out
We'll pass out copies of the agenda.
To graduate from university.
(of soldiers, police, fire-fighters etc.) To graduate, usually marked by the ceremony at the end of their training.
(by extension) To become proficient in a particular job or task
To end (a round) by having passes as the first four bids.