Comes from the Bundesrepublik Deutschland. A very versatile word that can describe anything awesome. Often sexual. Can be a noun, adjective, or verb. Pronounced with a long "u," and a short "e."
Adj: Geoff: "Dude, that girl is soo bundes." e.g is very hot
Verb: Lucas: "Yah, I would totally bundes with her." e.g, have sex with.
Noun: Geoff: "Yah, she has so much bundes, its just like das bundes, bundes, bundes, budes."