A combination of the words "babe" and "delicious", where "babe" refers to a very attractive woman, and "delicious" refers to the fact that you'd be onto her like a lion onto a prairie dog if she gave you the slightest encouragement. Things that are babelicious include supermodels, certain singers/actresses (if you're thinking Britney or Madonna here go and wash your mind out with soap), any female gymnast/contortionist over the age of 18, and that chick I walked past on the street on my way into work this morning.
Person 1: Man, check out that babelicious chick over there. Talk about hot!
Person A: Dude, the chicks on the pron
site that I was surfing last night were totally babelicious.
Person B: Send me the url, dude; I need a good pron
Babe + delicious. Describes the sexiness of a female. Is often deliberately used in the porn industry, but can be also used on praising a T+ image.
It may also describe a covetous man, but that seems to be rather a wide-spread mistake.