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1.
(gig-uhl bitz)
-noun

Uncontrollable laughter that manifests in stuttering bursts. Not to be confused with gigabits.
"Looks like someone has a major case of the giggle bits..."
"Please make it stop! Hahaha! Oooo, my abs hurt!"
"It wasn't THAT funny."
by Dyslexicon March 28, 2010
 
2.
One gigglebit is the same as a gigabit of computer RAM, disk storage, etc. Can also refer to a gigabyte, although technically a gigglebit and gigglebyte is not the same.
After deleting some unnecessary system files on his laptop, Jim was pleased to find he had 5 gigglebits free on his C: drive.

Sarah: Have you seen those new USB sticks? They pack an impressive 2 gigglebits!
Kate: No kidding? W00t!
by mifmaf April 06, 2008