Shortened version (and dare I say corruption) of 'you betcha', used to make fun of the Sarah Palins of the world.
Christy: I'm gonna (hic) go try and hit on that cop.
Christy: What was that? (hic)
(30 seconds pass)
Rob: Did she just puke on that cop's lap?
In both instances above, Christy is the one being made fun of.
This is a word that is used most often in Minnesota and quite often by my wife Laura. And it drives me nuts! The word is similar to you bet but it does have a higher impact when used by Scandanavians. This word was used in the recent movie Fargo.
Ole will you bring the beer? Ole's response is Ubetcha!