A "bubbly" can be either an adjective or a noun. As an adjective, it describes something full of bubbles, such as a fizzy liquid, or a person who is very happy, cheerful, lively, and enthusiastic. As a noun, "bubbly" is an informal term for champagne, often used at social events to refer to a glass of this sparkling wine.
Additionally, in slang or informal usage, "bubbly" can refer to a joyous or unexplainable feeling of happiness, especially when around someone you like.
There is also a less common use referring to a type of small smoking device, described as a mini bong at the end of a pipe, but this is quite context- specific.
