It just means "wobbly" which should be in a typical dictionary as something that moves unsteadily from side to side, as Lee said. earlier.
It uses a pattern that is used in English and other languages where you add a word to a variation of itself.
Here are some examples I've seen in use:
Pitter-patter.
Willy-nilly.
Chit-chat.
Hanky-panky.
You can sometimes tell what they mean by just looking at them. In your example although I never heard of it I instantly knew what "wibbly-wobbly" meant because "wobbly," a real word, was in it. But with the other examples I gave you might need to look them up.
People also invent these all the time. I used to call my daughter "baby bubba" for example, and I don't think I heard that anywhere.