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1.
Anyone with pert, squeezable buttocks, most commonly found in bars or pubs in Plymouth where the term originates.
"DAMN, what an Ibby" *squeeze*
by Junglekid December 03, 2006
 
2.
Ibby:

Any musical instrument (or possibly a major piece of musical equipment, such as an amplifier) bearing the Ibanez brand.

Most commonly used to refer to Ibanez guitars and bass guitars.
I was GASing pretty hard for a Schecter Studio 5-string, but while I was in the store checking out the Schecter I played an Ibby... I fell in love on the spot.
by Bealazar December 28, 2009