It's busting "right out of the money". What this means differs to everyone. Obviously, the VERY last person out before the money gets paid to everyone is on the bubble (and let me tell you from experience; THIS SUCKS ). Past that, it's whatever you feel got you "close enough" to the money to warrant bitching about it.

I'm sure in a tourney with like 2000 entrants, someone busting out 30 away or something would consider himself busting out on the bubble too. It's a matter of how "close" you think you were.

To be honest, to say you bubbled out is just a nice way of bitching. :P