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1.
Labbit is a cartoon character created by pop artist (previously known largely for his work creating posters for concert events) Frank Kozik of the San Francisco area for the pop merchandise company Kid Robot. It only exists on merchandise, and in that sense is similar to Hello Kitty.

The labbit is big and puffy similar to the Nintendo character Kirby. His shape remains the same, although his color, facial expression, existence of a mustache or items in his mouth vary. He comes in collectible figurines (and recently a foot stool) or printed on various articles of clothing.

Where did the word come from? According to an e-mail from Mr. Kozik himself:

Hey ******,

about 10 years ago I did version of the Rabbit with a company in Japan. It was supposed to be 'Smokin' Rabbit, but they printed it 'Smorkin Labbit which sounds about 1 billion times cooler so thus it became REAL.

-Thanks
-Frank K
"Get off my smorkin' labbit stool, you douche. That thing cost me over a grand."

OR
"That smorkin' labbit with the mustache and the rainbow looks gay."
"That's the point, dumbass."
by ZAQS February 16, 2010
 
2.
A creepy pink rabbit who has a brown handlebar mustache, and a gaping asshole. They may even look a little cute, but they are pure evil. They are fluffy and not that big.
Justin: Hey, look at that cute pink bunny with a mustache and huge asshole.

Fred: No! Dude, dont go near it. It's a labbit. Its pure evil.
by Pumpernickle Jonny August 24, 2009