it refers to that text/bbm/tweet/message you get and unexpectedly hits the funniest/most shocking bone in your body...and you just burst out laughing in the street...
Tidah: I'm gonna be ghost for a while, dont hit me up
DonCon: What?! are you going to a nunnery?
Tidah: No! i gotta get my school stuff together
DonCon: Great, because that coochie was being wasted anyway. Might as well blame it on religion.
Tidah: BOLIS! I'm done with u...
Alejandro: It's a boli, man. A boli.
Pedro: Can I have some?
Use 1:Mostly used to show your agreement.
Use 2:Can be also used to describe something really good
Guy1:"She's alright, I reckon she's about an eight"
Guy2: "Boli", or "Boli as"
Use2: (eg describing surf) Sick, those waves look boli as..