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1.
The act of jumping in the air whilst screaming, "BOOBSHAKALAKA!" and smacking a female's breasts with both hands, in the manner of dunking a basketball.
Bobby: So how was your date with Helga last night?
Jimmy: Well things got a little awkward when I gave her the boobshakalaka.
Bobby: Damn, that shit is wack!!!
by Svend Carlson February 24, 2008
 
2.
The art of hitting a girl in the boob. Once done the person or persons will then shout "BOOBSHAKALAKA!!!", as that is tradition.

WARNING: the recipient will experience extreme pain (but you probably already knew that) lol
Bill: Dude here comes Jenny.

Dan: You gonna do it?

Bill: Duh
(Bill gives Jenny a boobshakalaka)

Bill: BOOBSHAKALAKA!!!!!

Jenny: You motherf*****g idiot...That hurt...Do it again.
by motherfudgingdinolady123 June 16, 2011