It derives its name from Fred Flintstone saying yabba dabba doo. Thus taking the name of the creator of the word Yaba and using it instead because saying Yaba is very dangerous and taboo. It makes it far easier to talk about in public and around asians.
Do you wanna go back to your room and smoke some freddy?
You got any freddy on you? wanna go and do it in the toilet?
Looks at him he's got freddy eyes..haha Come to freddy eyes.