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Short for 'crossbow', usually used in the context of RPGs or FPSes in which such weapons are used. It is a typing abbreviation and thus is most often seen under conditions either where fast typing is more important than accurate spelling or where the people talking are just lazy typists. The spelling comes from the idea that the letter 'x' looks like a cross and thus replaces the syllable 'cross' in the original word (much like the more common 'xing' for 'crossing'). It is usually pronounced either 'CRAWS-boe' (ignoring the spelling change) or 'EHX-boe' (pronouncing the 'x' by its letter name).
RPGs:
Player 1: dude, the zombie leader dropped me an uber xbow!!!
Player 2: omg give plz!!11

FPSes:
Player 1: *kills Player 2 with a crossbow*
Player 2: omg no fair u used xbow script u haker
Player 2: *leaves the game*
Player 1: lol noob
by green_meklar January 23, 2008
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