Owebama 

A free-spending negro who uses other people's hard-earned cash as well as the earnings of their future offspring to purchase ordinarily unaffordable items. Similar to "nigger rich."

"Tyrone, you know you can't afford that '67 gangsta cadillac with the crome wheels!"
"Yeah, homey, but I'm gonna Owebama my boss's cash register and fake ID him to get the college fun he saved for his children to get it!"

Owebama by meandawg July 3, 2009

owebam-account 

Broke, no funds, overdrawn to the extreme, underwater and lower than whale shit, bankrupting yourself and still spending.

"I sure could use a cup but I checked the owebam-account and it looks dicey. What the hell! Come on, I'll buy us both a 'Bucks and leave it to Uncle Visa." or...

"New coat? I thought you were broke."
"Yah, but the owebam-account is still open."

owebam-account by geezitron December 9, 2009