It has infinite meanings. It's a word that can be used as anything in relation to what is currently happening as the word is said.
Guy 1 - Dude, I'm totally snugglebuggin right now.
Guy 2 - Wtf does that mean?
Guy 1 - What do want it to mean, cus Carol just totally took her shirt off, and Ben just spilled his beer on the cat. So maybe Snugglebuggin' means I'm shocked that Carol and Ben haven't hooked up yet!
when you're holding up your phone and making faces at it, as though you are taking a selfie, but you're really taking a picture of the person across from you or the wall or anything else that seems interesting but you don't want to be caught dead taking a picture of.
This action is often made more convincing by wiggling the eyebrows or opening the mouth, to pretend you're trying to get a Snapchat filter to work.
FRIEND A: "Did you just take a stealthie of me?"
FRIEND B (turning phone around): "no I was just using snapchat's new filter, see?"