Despite the fact that this word is used in Dude Where's My Car, it was CA slang looooooong before this movie ever became a reality, and it was used incorrectly in that context. It's simply a substitute for the overly-used "cool" or "awesome". It really didn't mean wasted until the writers of that cinematic waste of time decided to fuck it up. (Just a note)
This car is shibby! (Spoken of a hot little red convertible)
by LaDLaz June 27, 2005
a synonym for any pleasureable thing. Used at a verb, it conjugates as follows. I shibby, you shibby, he/she/it shibbys, we shibby, they shibby. Past tense, shibbed. Future tense, shibb, example, I will shibb, You will shib, he/she/it will shib.
Stiffler's mom got shibbed.
by Eric Coleman August 11, 2003