A reference to something with an alcohol percentage but not a mixed drink. Mainly used to refer to liquor (example: vodka).
1.
Guy: Hey man, did you pick up any bibby water?
Other Guy: Yeah, I picked up a mickey of Jack Daniel's and a 26er of Smirnoff.
2.
Girl: Did you get some bibby water for Matt's party?
Other Girl: No, I got a bunch of coolers instead.