"I think we need to cut back on the shibbying" - Dude wheres my car.
From this quote, we can see 'shibby' means, quite literally, wasted.
DEFINITION ONE - Shibbying = partying
Shibby = wasted
Shibby = cool, great etc.
Shibby is also a term for attractiveness, and as a rating.
Eg - "Shibby!"
"Not shibby... :( "
If someone is hot, they are shibby