Lame or stupid. This is a homonym for the common usage of the term "gay" albeit a less hurtful one. It arises from the fact that the X-Men character Jubalee was unbelievably gay.
"Did you see that pink day-glo fanny pack?"
"Sure did, totally jubalee."
A made up name for the "hip" new generation of babies given to them by their hippy parents. The nicknames that will ensue are almost always ridiculous.
Jubalee is the cutest little girl in the world!