It is used to describe a friend who is an idiot or look like an idiot.
Shut you squidungle(y) ass up bro!
The verb term of Ungabunga which refers to a person in a online multiplayer game doing a strategy that is stupid and unethically.
Me and the boys were Ungabungaing on Xbox last night.
It's literally a corner filled hotdogs that are stuffed with a assortment of cheeses.
Throw it in the Cheese Dog Corner.