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1.
A dancing hillbilly with night-vision goggles.

This came from the show "Aqua Teen Hunger Force".
"Come on, ya'll, commence to jigglin'!", said Jiggle Billy as he danced away.
by Happy Time Harry July 11, 2004
 
2.
n. Used to name a male inflicted with man boobs
Hey, Jiggle Billy, you're gonna need a bra before you play some football, son
by Oil of Olay Foundation July 13, 2004