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The Youtube comedian Ed Bassmaster started saying it in some of his videos. It doesn't really mean anything other than to get a WTF reaction out of people.
Ed - Is your dog friendly?

Lady- Yes he is

Ed- Habba Babba! Habba Babba babba babba Habba
by Jiggy Jigggy Bombom October 19, 2009
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Apr 28 Word of the Day
Literally everyone, ever. Including the writer of this definition.
by masokitsune January 17, 2019
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