1) term of endearment used by a partner you're intimate with, connoting possession of person addressed as such
2) term of endearment for a close individual
3) term used to address a good looking female / male.
1) Did you really have to take that project? I missed you all week babe!
2) Hey babe, what's wrong? johhny told me you didn't seem too happy today at school.
3) wow, she is such a babe!