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Habalooba is when you talk, act, or behave like a stupid, loud, annoying nigger. It's being a complete idiot and showing off like you're the best thing since sliced bread.
Yo, I just did a habalooba in the middle of math class and got sent to the principal's office.
He was talking so loud during the movie that I had to do a habalooba just to shut him up.
I did a habalooba at the party and now everyone thinks I'm a total fool.