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1.
A short sound created with the vibration of the lips; used for expressing disgust, sarcasm, attitude, or to just sound like a horse and annoy the hell out of people.
Person #1: "So, are you going to give me that money that you owe me?"

Person #2: "Phhbt! Yeah right."

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Random Person: "Hey everyone! Listen to what I can do! ... Phhbt!"

Everyone: "That's not hard to do you idiot, anyone can sound like a horse."
by Abby Koehler May 31, 2005