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1.
An Australian term of endearment, similar to "Mate" but usually used in a slightly more patronising tone and with less immediate masculine connotations.

A good example is a parent describing a son or daughter, or an older person describing a young person.

The term is usually used playfully.
"G'day, John, you couldn't keep an eye on Bugalugs over here while I get something out of my car could you?"
Por William Richey 26 de febrero de 2004
 
2.
Male prostitute
Oh look there's Bugalugs - slip him a fiver and he's yours...
Por Elbonio 23 de febrero de 2004
 
3.
the source of all manlove
We'll all enjoy bugalugs before the weekend is out
Por Anominous 18 de noviembre de 2003