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1.
A series of GPS guided free fall bombs that have accuracy of roughly 5-10 meters. Can be used in all weather. From Joint Direct Attack Munition.
The JDAM has been used extensively recently.
by Colin Ritter August 06, 2003
 
2.
Abbrivation for Joint Direct Attack Munition. A GPS guided free fall bombs, GBU-31.

or
Can be use to refer toward Jack Daniel's whiskey.

JDAMs are used for surgical strikes. One JDAM (bomb) per target in a populated city or one JDAM (shot) per chic in a crowded club has a sucess rate of 90%.
USAF used JDAMs to surgically hit Yugoslavian cities.

I bought a bottle of JDAM for $15.
by JDAM December 09, 2010