Bubbles is easily one of the best character in the show, possibly only topped by Cyrus.
I suggest you watch Seasons 1-3 before you watch the Christmas Special, as it's a prequel and a lot of the jokes require some background information. The movie (The Big Dirty) doesn't canonically fit anywhere in the series, so watch it whenever you like.
There's a TV movie that aired around Christmas '08 called 'Say Good Night to The Bad Guys.' It's not the actual Series closer, as a new movie is in production right now, but make sure to watch it after you've seen Season 7, as it actually does tie in.
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