I once posted here quite often, and just recently stumbled upon this place again.
I thought it would be a good place to start in my hunt for information.

I recently was on the telephone with my good friend Christopher, and we were discussing the paranormal, like we always end up doing. He mentioned this book, something I believed he called Malbulsa..not sure about the spelling. He claimed his friend John had a copy of it, and that it was the Satanists Bible. Then he proceeded to describe the book(or at least the part he'd read) in full detail. A map of the seven different levels of hell, strange writings, a chill after reading it. Upon further investigation- John confirms the existence of this 'Bible.' He claims to be able to recall almost every page of this 'Bible' in full detail.

I am rarely skeptical about this sort of thing, but I was wondering - has anyone heard of this book, or something like it? The thought of it intrigues me.

No, I haven't heard of it, but it does sound interesting. Something I'd want to read because I'm just curious about things like that. I'd probably get real freaked out (I scare myself easily) but nonetheless It'd still be neat.

The actual religion of "Satanism" has a book called The Satanic Bible, written by the founder of the church, Anton La'vey, which can be bought at any local bookstore. The only other book I have heard of dealing with things this "Evil," or more or less just frowned upon, is the Necronomican, I have an excerpt of it and it talks about a range of twisted and evil things, including sumerian - english translations for words probably used in some sick ritual

The book your friend talks about is most likely a book dealing with some sort of Demonology.