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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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Shabby Chic

Something (maybe someone, i.e., Joan Collins) that's rather worn out/tattered yet has a touch of understated class.
Example of a shabby chic attire:

Slightly ratty but damn gorgeous Prada handbag, with a pair of Vivian Westwood slacks, and perhaps some frayed cashmere sweater.
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
when something is crappy or not that good; definetly not sexy
That was a shabby scooter poop, I mean the poop didn't even cover the ass
shabby by andyfellovernet May 2, 2003
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
Good
nang sik
standerd
that fone is shabby blud
shabby by paki turk October 22, 2003