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1.
A word originating in the Upstate New York school system referrering to the jagged edges of a piece of paper torn out of a spiral notebook.
The teacher said that you could not turn in a homework assignment if the sheet of paper had libits.
by BHG January 03, 2008
 
2.
Slang term for liberals
What a stupid libit!
by BillyJack June 20, 2007