The story
back-formation from kibozing, itself an agglutination of Kibo + bozo + ing http://groups.google.com/group/alt.religion.kibology/browse_thread/thread/222e8778f60a70b2/4fa5dcbe6d0bfdc8?lnk=st&q=kibozing#4fa5dcbe6d0bfdc8.
Etymology from Wiktionary, CC BY-SA 4.0.