Green’s Dictionary of Slang

1. college chauvinism; also ext. to any form of in-group self-congratulation; also attrib.

1936		Cab Calloway ‘I Love to Sing’ 🎵 Ol’ Major Bowes is gonna spot me, / Got through Yale with boula-boula.
1967		N.Y. Times 28 Feb. 39: Is the traditional boola-boola of Yale being replaced by plain boo, which translated from the underground argot, means marijuana?
1979		E. Torres After Hours 134: It was a real boola-boola reunion.
1983		R. Price Breaks 125: The long wall held a cartoon mural of the 1940 Simon Straight Arrows, the only team to make it to the Rose Bowl. [...] five years earlier it had filled me with boola-boola reverence.

2. a male college member.

1945		‘Campus Sl. at Minnesota’ in AS XX:3 Oct. 233/2: We had good intentions of skulldragging but were swayed by a boula-boula sitting across from us with hardware on his chest.
1989		P. Benchley Lush 52: How do you like them apples, Mr Boola Boola?