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1.
Originated as a misspelling of "ear buds". Similar to beer goggles, except for your ears. When you listen to something that sounds awful while sober but sounds great while drunk.
"Dude, did you hear the new Nickelback album? It's fucking off the CHAIN!"
"Yeah, you have your beer buds on."
by ArtisOracle March 12, 2013
 
2.
THE GROUP OF YOUR BEST FRIENDS THAT YOU CAN PARTY WITH.
"I ALWAYS KNOW I'LL HAVE A GREAT TIME AT ANY EVENT IF I'M WITH MY BEERBUDS"
by BEERBUDS May 25, 2012