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To prematurely ejaculate. Mostly used among male compatriots/ friends, in a joking manner to say you didn't last long in a sexual encounter. To lessen the embarrassment with comedic effect.
There are variations.

(1) Christ! I fibbsed out last night.
(2) She looks so good I think I she would make me fibbs
(3) Utter Fibbsulation, Pure Fibbsulation, Massive Fibbsulation.

(4) After I Fibbsed-out, the second round was mine.

(5) She wasn't as hott as I thought, I could only pray I fibbsed out and got to go home.

(6) Teasing a friend. " What a Fibbser "

(7) I hate Fibbsing
Fibbs by Erskine August 15, 2007
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Robert Fibbs 

1. (n.) secret press corps nick name for the White House Press Secretary Robert Gibbs, indicating his pathological inability to tell the truth.

2. (v.) to lie boldly in a regular fashion
1. Yesterday, ROBERT FIBBS told the press that the Iraq War and its successes would be part of President Obama's legacy, despite the fact that he voted against the surge and undermined the war effort during every possible opportunity while Senator.

2. Homeland Security Secretary Janet Napolitano ROBERT FIBBED today when asserting that the Al Qaeda trained suicide bomber who tried to blow up a Northwest Airlines jet on Christmas did not appear to be part of a broader plot to attack U.S. targets and claimed that "the system worked."
Robert Fibbs by aka Barrel March 13, 2010
Related Words
Fibbs Robert Fibbs fibber Fibbles Fibes fubbs Fabbs fimbs fibba Fibbing
Seal translation for the english word "fish"
"Fibsh... Egg!" -Unknown Seal
To Lie to someone. To not tell the truth.
"Are ya fibbin' me boi?"
fibbin by kevo548 March 22, 2007

Carbon Fibber 

Not real carbon fiber. A cheap alternative that looks similar. Usually found accenting the air vents and dash boards of Ricer Hondas.
Ricer: Damn DAWG, check out that Carbon Fiber in that dudes CAR!
Enthusiast: Thats not carbon fiber, thats carbon fibber.
Carbon Fibber by SgtSeanzie April 17, 2010

fibberlicker 

someone who lies alot. "fibber = Liar" "Licker = They Lick" Licker of fibs. Licker of Lies.
"I'm going round Simon cowell's for dinner"
"stop being such a fibberlicker"
fibberlicker by LaurenMcLovinn February 16, 2010

fibbrication 

a lie made more complex by other lies entwined with it
>did you hear what Lissa was saying?

> yeah that stuff about how she killed that buffalo, saved the nuns from the fire, and then had to drop kick a pope look-a-like to save the 14 puppies from the overturned cosmetic testing vehicle?

> yeah that stuff, i don't know about you but but im thinking its a complete fibbrication
fibbrication by Bam 9 October 26, 2010