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1.
A women over 40 who is down with the trends, witty, and has a great tan and tight body. Has a confident and special walk about her. Both girls and guys usually turn their heads to see a Malibu Barbie.

Typically has blond hair, is flirtatious, and has clothes made to order that are shipped to her office instead of her home.

Las Vegas is a typical destination for a Malibu Barbie.
"That Candace is my Malibu Barbie."
"You got to love that Malibu Barbie."
"Wow, this place is full of Malibu Barbie's."
by Anonymous People July 27, 2006
 
2.
A euphemism plumbers use for a used tampon that is discovered in the plumbing. A common cause for toilets becoming backed up.
Joe found a malibu barbie in his clients toilet, those things really do help his business.
by Panoramic Scoop September 14, 2010