Deekbutt is an exclamation much like "AWW HORSE!" It was coined by Brian and Jason in Ocean City and now the whole city is using the word for no appearant reason.
Deekbutt can also be a nickname for someone.
Deekbutt also is used as another word for the popular online game, Counter-Strike
"The community pool is closed because someone took a crap in it." "DEEKBUTT!"
"Hey Deekbutt, wanna go up to the school and play some dickball?"
"Get online and lets play some Deekbutt."