It literally means "fuck you", it is used in many different situations, like: "jebote glupog"(glup-stupid, but it is not horribly offensive), "jebote led" (led-ice, it doesn't make much sense but we use it when we are surprised), "jebote"(you are surprised or are just having a reaction to something extreme- like; A: "...and the guy ended up in hospital on operation for that..." B:"...u jebote...") Most people use it unconsciously even though its a swear word. I hope that explains it and I don't get banned from the page:)
in croatian "jebote" would be the equivalente to "kurwa" in polish. you can use it as a connector, as a comma and in all the situations @taipusic said. althought the actual meaning of the word is negative and it is a swear word not many people use it to actually offend someone.