A way of calling a female a douchebag. Also used if you want to call a gay a douche.
Guy1: Dude my teacher gave me an F for talking.
Guy2: Man, what a douchebaggette.
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Similar to Mary Jane (code name for marijuana) this is a code name for Tobacco. Instead of saying you smoke 'Toby Co' you say that you hang out with him, or play with him, etc.
Guy1: Dude you wanna hang with Toby Co after school?
Guy2: Hell yeah Toby Co is the shit