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1.
Public School you pay for.
"You are bullis"
by .writenamehere. September 15, 2009
 
2.
a colloquialism of 'fine' gentlemen used to describe joy or agreement.
We are all going on a game of the hunt, would you care to join?" to which one (in agreeance or excitement) would reply "bulli!
by mo' jeff August 22, 2010
 
3.
It means penis in hindi/urdu . Generally used for one who has not reached adulthood.
This can be heard from new teenagers say.. " Meri bulli ka aas-paas baal nikal aa rahe hain" (Hairs are appearing around my penis )
by hydcharm September 03, 2006