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Mixture of "allegedly" and "urban legend has it that". Often followed by an unbelievable "fact" or story, which is very likely to just be a made-up story or one that was passed by word of mouth and changed in the process to make it more interesting or spectacular.

Probably first used by Jalen Rose on his podcast on Grantland Channel in the video "Champagne and Campaign Hall of Fame".
Person 1: Wow, that dude is probably the fastest guy I've ever seen.
Person 2: He's nothing against Deion Sanders. Dude was fast as hell. By far the fastest ever at his position.
Person 1: Yeah, he was ridiculous.
Person 2: Urballegedly he ran a 4.19 in the 40 yard dash at the NFL Draft Combine.
Person 1: Nah, man that can't be true.
by storytimewithjalenrose July 18, 2013
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When something is according to urban legend. A mixture of urban legend and allegedly. Created by the patron saint of Champagne and Campaign Sir Jalen of house Rose.
Guy 1: "Hey do you know Jalen Rose of the Fab Five? You think he can still hoop?"
Guy 2: " I don't know but urballegedly he dropped 30 in the Drew league."
by FSUcriminole July 20, 2013
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