It's also the name of Panama's currency after the 15th century conquistador, Vasco Núñez de Balboa.
Mostly used for slang for many different meanings. Most popular, to get better of/accomplish something. As well be interpreted as to "fuck"/or get rid of something.
Person1: She likes being balboa.
Person1: I just balboa that shit
Person1: Man I really need to finish my homework.
Person2: Balboa that shit man.
usually the user of the name is not actually that hard at all, they are usually, infact a pussy.