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1.
Slang of a slang of a slang. By the way became btw became bt dubs is now bt dubstep. For those who wub music.
You have the red Ford out front? Well, it's on fire, bt dubstep.

Bt dubstep, I love it when the bass drops.
by C0mm4m4n October 12, 2011
 
2.
A lengthened version of btdubs, which is a legnthened version of btw, meaning "by the way". Btdubstep actually has more characters in it than "by the way" does, if you aren't counting spaces.
Dude you look like a model. That's a good thing, btdubstep.
by Pennyy December 26, 2010