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1) An expression of frenzied and unrestricted enthusiasm. Often said with a creepy voice and a subtle smile. Slightly exclamatory in particular contexts.

2) Can be kindly intended to take negative attention away from people using stale tool vocabulary (its antonyms) e.g. "That's hella tight. I dig." Response: "Aw, Lbbity Libbity Woo, broskies! That's freakin' sweet!"

3) The more common and shorter version, "libbity libbity", is often said in a more yada-yada tone and is less contextual.
1. a) Initial Exclamation: "Let's go to a mufugin' theme park!"

b) Libbity Libbity Woo Response: "Libbity Libbity Woo! To the theme park!"

2. a) Initial Statement: "Ya'll are pretty coo white dudes"

b) Libbity Libbity Response: "Libbity libbity"
by Kaisa September 13, 2011
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