2. (noun) A combination of "hipster" and "hillbilly" as most characterized by people living in Austin, TX. Examples of hipbilly characteristics might include neck tattoos or a general Lorenzo Lamas (circa "Renegade") style appearance.
3. (adjective) Used in the description of a place where hipbillies live, frequent or have otherwise manifested as their own.
It's difficult to judgedowntown Austin @ 930am on a Saturday, but if I had to coin a term I'd go with "hipbilly".