Theoretical future of video disks. DVD was too boring, Blu-Ray didn't use a popular enough color, Red-Ray sounds too sexual, and HDDVD doesn't have enough repeated letters to sound catchy. Thus, the HHDDVVDDBVD. Nobody honestly knows what the hell it means, and posts as to the unabbreviated version are all speculation.

This theoretical future is planned out in Red Vs Blue, which is already in another theoretical future. This is assumed to be soon, since one person still used Roombas (although with built in smartphones and plays MP3s)

a phrase chiefly used in northern England.

it is a contracted form of "it'll be reet", where "reet" means "alright" or "OK".

living your life according to "be reet" is the only way to find happiness in life.