It's a long abreviation for, Illiterate Bitch-Ass MotherFucker. Starting from the I, to the F it means: Incompetent,/unable to read or write, punk related, or to be a "pussy", to fuck your own mom, or to be a person, place or thing.
Dude 1: Yo, wigga, i beat dat stank ass if you keeps talkin dat shit hoe
A geeky dude who exploits only one half of his racial heritage. An alleged Harvard graduate with invisible college records. Cannot get through a speech without mentioning himself repeatedly. Currently running a shadow government from his mansion in Georgetown.
See that guy lecturing America on racial harmony by constantly saying I, me, I, me? He's areal Ibama