"Jibboo" in the noun form means an addiction to dextromethorphan, the active ingredient in over-the-counter cough syrups, combined with a sexual attraction to dominant partners (see BDSM) and a tendency to fall in love with troubled, seemingly weak and vulnerable people from trailer parks in the Southern United States. It is most prevalent in heterosexual men (the sexual component of it being an extreme variant of the "madonna-whore complex") but as the song indicates it can also occur in women ("mama sing sing when she gotta jibboo"), so presumably it could happen in gay or bisexual people as well. Likewise as the song indicates, it tends to coincide with alcohol abuse ("gotta jibboo and you keep on drinking too"), the DXM addiction often starting with the use of cough syrup as a remedy for hangovers.
In the verb form jibboo means taking action to satisfy one or more of the cravings of the noun form of jibboo. Buying all of the Robotussin Wal-Mart has in stock, guzzling it down, then taking what's left of your bank account and spending it to be beaten for hours by a dominatrix, then calling that girl you met in rehab, with the severe depression and schizophrenia, who slashed her wrists, and professing your undying love for her is an excellent example of jibbooing.