Literally means "look it up on Babelfish.com", a website that translates text from one language to another. Has insulting connatations, stemming from the inclusion of the term " fish shit " in the word.
Mary: I want to spend the rest of my life with you, mi amor.

Dave: Huh? What'd you call me?

Mary: ( annoyed ) Babelfishit!!
by AyayayayayayaymaCOYOTE February 19, 2009
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