A word used in chatrooms to break an awkward silence or disrupt a serious argument. It's usage in the latter situation is generally followed by insistentsics to shut up (STFU) or to get out (GTFO), thus achieving the usual goal of using the word by shifting the ire of the room to a singular point rather then allowing to spread.
Person 1 to Person 2: "...and then, you Nazi Commie Hippy bastard, I'll-"
Person 3: "Ishkabibel"
Persons 1 & 2 "STFU"
Ishkabibel is a word used to describe the first cigarette a person smokes after a period of rough, steamy hot sex. unless you smoke menthols. in that case it's just called "a waiste of 25 cents" the term Ishkabibel can replace the words smoke, cig, cigarette, etc... in a specifically structured sentence as follows....
"damn that was fuckin wild..well, I'm off to have an Ishkabibel"