When someone doesn't know it's actually called lip balm, they call it lip bum. Don't ask me why they do it, they just do.
Billy: Why do you wear lip bum?
Mel: IT'S LIP BALM YOU IDIOT.
It stands for 'You Obviously Love Oreos'. If you see someone eating oreos you must scream 'YOLO!', because that lets them know you saw them pigging out on oreos.
Bobby: *Nomming on Oreos*
Drew: YOLO!
Bobby: Yeah, man, you only live once!
Drew: Waitwhat.