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1.
To imply acknowledgement,confirmation, and/or a request followed by immediate and unconditional agreement
Example 1.

Man 1: "hey dude, I'm downstairs."
Man 2: "Zub Zub"

Example 2.

Man 1: "you wanna' beer homie??"

Man 2: "Zub Zub"
by Kyle July 21, 2004
 
2.
Slang for Sex in the movie Juno
Ellen Page: "I made Zub Zub with my best guy friend, and now I'm knocked up to no end. He filled me with baby batter, then we ate some orange tic tac's after"
by alec therins April 19, 2008