has the same meaning as calling someone "sugarplum" or "sweetie". It's a slang version of "babylove" that with a lazy tongue turned it into "babaloo"

common term for irrational behavior

Babaloo Aiye (Father of the World) is an Orixa (Deity) of the Lukumi tradition. This tradition is commonly known in the West as Santeria, and is a sincretic afro-caribbean belief based on magic that goes back to ancient African Yoruba roots.
Babaloo is the Orixa that controls disease,and hence the rightful owner of the Earth.
Ricky Ricardo indeed did yell *Babaloooooo* in I Love Lucy, but what you ignorant gringos aren´t aware of is that, amid all that mambo, he was invoking and welcoming the presence of the Lord of Healing and Strength.
This reminds me that there is a band named Babaloo that plays something called PUNK MAMBO. Now I'm not kidding... Punk Mambo, according to their publicity blurb, *is a mix of soukous, mambo, chacha, samba, reggae, ska and cumbia, sauteed with some special ingredients and blended with the energy and wise-guy antics of punk*
Now, I want to think that Babaloo Aiye himself won't take offense out of this... but if he does, these guys will soon start getting festering pustules on their balls.

afro-cuban word which was used by ricky ricardo in one of his songs on i love lucy.

In jamaican slang means stupid

Babaloo, derived from baby, is your absolute best friend! Could be your partner, cat, or even Netflix!
Babaloo is synonymous with 'baby', 'love', 'sweetheart', and most cute nicknames.

African slaves in Cuba hide their religion given his Gods names to christian icons.