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1.
Referring to a person, place or thing that happens to mean whatever the sayer wishes it to.
"Stop being such a fucking lyboe!"
"Fuck man, look at all those lyboes. They're totally lied out"
by Morgau January 24, 2007
 
2.
laughing your balls off
my gf ashli made it up (lybo)
by jeffeey August 20, 2007