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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)
shibby by LaDLaz July 8, 2005
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cool

japanese-"shibui"
shibui:cool
shibby!
shibby by unknown October 20, 2003
The word shibby can be used as a form of agreement to any statement. You may also shorten this word to shib.
"I'm so tired of banging my wife."
"Shibby."

or

"I wish Jim would stop hogging tha grass and share."
"Shib."
Shibby by Becky October 24, 2004
Anything positive and can be used in any form...
1.Shibby...
2.Very shibby
3.Thats some shibbyin shit you got there man...
Shibby by The Little Buster June 11, 2004
Commonly used in the movie "Dude wheres my car". Shibby replaces words as cool, awsome, sweet,and totally.
Person 1: Dude are we going to the movies.
Person 2: Ya dude, Shibby!
Shibby by Tre- May 18, 2006
A word to describe utter greatness. Can be used in multiple contexts, in some cases even replacing “fetch” for example “that t-shirt is sooo shibby!”. Used as an adjective, it conjugates as follows: I'm shibby, you're shibby, he/she/it is shibby, we're shibby, they're shibby. Its a word full of wisdomosity and perfection. Also conforming to ibbyshays for the sick lads and can be used to express your excitement for something. Past tense: Shibbed. Future tense: Shibb. People who are utterly amazing can also be called shibsters.
On a scale from 1 – shibby how good was that party?

This weekend shibbed.
I’m way too shibby for you.
What time is it? It’s shib-o’clock
Alyssa and lauren are such shibsters.
Shibby by tooshibbyy February 24, 2011
a term used when showing appriciation to a good idea, event, object or person
often used as a descriptive word
dude im hungry guess what we should do.
eat?
no
eat
shibby!
shibby by steveus October 13, 2003