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1.
Noun: USMC slang for liberty, which is any time you have off of duty or away from work.
DUDE: Where you going on libbo man?

HOMIE: I'm picking up ole rottencrotch and headin to TJ Dude.

DUDE: Cool beans man, can me and the skank catch a ride?

HOMIE: Sure Dude, but you're buying the gas.

DUDE: Not a problem.
by old balls December 27, 2007
 
2.
Can be anyone by the name of "Libby" or someone who has poofy hair. Both is preferable.

It is not an alternate word for lesbo.
"Libbo's poof was all up in my grill."
by Libby Bush July 19, 2006