a pal you can give a hug to without your sexuality being suspect. usually used between two dudes. existence of a cross-sex hug buddy relationship indicates the male is emo and will remain a virgin for life
A person you fondle with, with the fear of commitment. This terminology is often used with people you want to be safe around and refer to as non-committal intimate fondling.
An excuse to hug a person when you don't like to hug anyone else. You call this person your hobo hug buddy in order to avoid offending any of these other people. Then you ask for their money.