Someone or something that is lame. Or Lame-O, but It's much cooler to say Lameb-O, it's more comfortable to say too. The "oat" is just because some people think of boats when they say it. And the final toto-t-t is just something groovy like the word "totempole"
Oh, and the word keeps increasing a little bit more everyday, well at least, the boring ones.
And then you can all have a good laugh afterwards.