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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
 
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