Lame ass pronunciation of the word "Buoelby". Belbey has no intrinsic meanning but has come to be a joke acknowledgment of some dudes lame attempt to pronounce the word correctly.
Man A says, "This is some Buoelby shit", Man B replies,"What is Belby", Man C says nothing, and then Man A and C say "Belbey", and then grin at each other. Leaving Man B to wonder why.
by Wildstar January 12, 2006