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A term used by motorcyclists in the Toronto area. It is a combination of the words "Bibo" and "owned". Bibo was a 16-year old sportbike rider who gained notoriety in 2006 for extreme idiocy on his Honda 600RR.

He talked "gangsta". Example: "Hoes all on me!" "Wat you know bout dat?" "Zzzeeeeeen!"

He was caught by the police doing 180km/h in a 60 zone. He then openly bragged about this on the Internet. One week later, he was again caught doing 180+ km/h in another 60 zone. He cried to police and made the local headlines (radio, T and newspaper) for being such a reckless idiot. Court cases pending.
You got caught doing a wheelie? Without a helmet?? And in a school zone?!? Oh man....you got BIBOWNED.

gtamotorcycle.com
search for 'Bibo'
by Zeeeeeeen November 10, 2006
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