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"Yo bebo" is a form of "yo bebo", a phrase which is often translated as "I drink". "Bebe" is a form of "bebe", a noun which is often translated as "baby". Learn more about the difference between "yo bebo" and "bebe" below.
yo bebo( 
yoh
beh
-
boh
)A phrase is a group of words commonly used together (e.g., once upon a time).
a. I drink 
Algunos toman drogas para evadirse de la realidad. Yo bebo.Some take drugs to escape from reality. I drink.
b. I'm drinking 
No me hagas reír mientras yo bebo porque me atraganto.Don't make me laugh while I'm drinking or I'll choke.
el bebe, la bebe(
beh
-
beh
)This means that the noun can be masculine or feminine, depending on the gender of the noun it refers to (e.g., el doctor, la doctora).
1. (very young child) (Latin America)
Regionalism used in Latin America: all the countries in South America, Central America, and the Caribbean. Does not include Spain.
a. baby 
¿Están pensando tú y Jorge en tener un bebe?Are you and Jorge planning to have a baby?
La mujer sostenía una beba recién nacida entre sus brazos.The woman was holding a newborn baby in her arms.
2. (colloquial) (term of endearment) (Latin America)
A word or phrase that is commonly used in conversational speech (e.g., skinny, grandma).
Regionalism used in Latin America: all the countries in South America, Central America, and the Caribbean. Does not include Spain.
a. baby 
¿Cuándo regresas pues? - Pronto, bebe. En dos días estaré en casa.When are you coming back then? - Soon, baby. I'll be home in two days.