also shibbity blibbitz. interj. Used in exclamation as a euphemism for shit, usually when one is about to say shit but realizes that someone is standing there that would not approve. From shit + jiminy cricket + blibbit (see links for more info).
A. 10 gallons of shit forced inside a five gallon bucket and sealed. Prone to exploding after being packed if jostled or poked.
B. Someone full of shit
During the Viet Nam war a BLIBBIT was a large (50/100 gallon) stretchy container made out of heavy rubber that was used for transporting fresh water to recon troops in the deep jungle. Designed to be deployed by helicopter they were essentially huge water balloons and would occasionally burst when dropped from the Huey. When this happened the comic relief was appreciated almost as much as the fresh water.
Echo 1/7 reports that the blibbit burst when dropped from the Huey and completely fragged the LZ.