Register this word into your make-up vocabulary cos its getting pretty wide spread now.
It actually stand for Blemish Balm.
I once saw an episode of Nu Ren Wo Zui Da on channel 56.
The makeup artist was telling all his tales about the BB cream.
From what i've read about it, it all started in Korea where an actress had undergone laser surgery,
and the BB cream was in fact part of her daily use as cover-up as well as treatment process to recovery.
It was said to be a miracle cream and because of her testimony, BBcream had become highly sought after.
The difference between BB cream and other make-up applications is that it is a skincare/healing product combined with make-up.