Jalibi is slang for a person below the age of consent for sexual activity, considered as a potential sexual partner, more then often use by the Indian culture, the word has now been seen to be used in various urban areas in North London.
The word Jalibi, came from the words Jailbait and Jalebi. It was established that the word Jailbait was to obvious to use in public or around families, so a replacement word was decided to be used.
As the people who came up with were of Indian heritage, a word which sounded like the first letters of Jailbait was used, this was Jalibi.
If the word is split it is easier to realise why:
Jal - is the first half of the word, and is pronounced in the same manner as Jail.
Jalibi - this word came from the word Jalebi, as it mean sweet, and girls who are Jailbait are often seen as looking sweet.
Oh shit son, check out that beautiful Jalibi, if she were a few years older...i would.