The Three B's refer to the three things we all need in life. Just ridin the wave of life, and lettin the surf suck me off. I chew Nicorette Gum whatever.
Once upon a time, the culture of western society was decided by the upper class (e.g. an interest in classical music and philosophy), and the lower class would follow in their footsteps.
In contemporary times, the western culture is a manifestation of the lower class - 50 Cent, Justin Bieber and Lady Gaga - a culture that is obsessed with ones sexual market value (SMV), often associated with the three B's: Bling, booze and bitches.
Joe: Why am I not getting laid?
Chad: You lack the three B's.
Before going to the beach, joel and chris made sure they had checked off the three b's. Chris had a 12 pk of sam adams summer ale, joel had a phat sac of skunk, and since they are two fine looking italian bros they shouldn't have a problem pulling the bitches.