Though most people think it stands for "oh my bakery it is filled with cake and pie" it is actually "omg my boner it is flailing wildly capping all persians"
guy1: OMBIIFWCAP
guy2: Yaypie!
*persian is capped*
guy2: oh...
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.