An award given at events like state fairs for growing the biggest pumpkin
or having the tastest fried chicken
What you call a chic who is exceptionally pretty/hot/sexy, or in an above the rest category.
You see her over there, now that chic is blue ribbon.
to have sex with others including a goat, It is called a blue ribbon because you would need the finest goat from the fields of wisconsin, a prize winner that is. Could be oral or anal.
When Tim entered the hot tub as he sat next to Susie and Mattias, a goat raised its head out of the water, Mattias stated we are having a blue ribbon tonight.