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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?"
av William Richey 26 februari 2004
 
2.
Male prostitute
Oh look there's Bugalugs - slip him a fiver and he's yours...
av Elbonio 23 februari 2004
 
3.
the source of all manlove
We'll all enjoy bugalugs before the weekend is out
av Anominous 18 november 2003