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1.
A merger of the words 'yeah' and 'but' when spoken quickly
Luli: We should get crunk tonight
Jared: Yabbit I have my final exam tomorrow.
by JLabrew June 12, 2009
 
2.
Slang term for yeah but, often used and pointed out by someone in the group in the middle of a conversation.
B and Me were messing with Steve while he wore his Elf on the shelf hat. When we showed him the video the next day of him passed out, he was mad.

We warned you what happens when you fall out with women around , and he was replied,"yabbit, still .....You didn't have to dress me up and color my nails and make short films with mY face drawn on toes! Good day people.
by I'm b1 November 30, 2013