1.) A pact with Satan in which the initiators soul is exchanged for some worldly desire.
2.) The willingness to sacrifice anything in order to quench a limitless desire for knowledge or power.
For both 1 & 2: John McCain has undermined his past values and reputation as a conscientious independent voice by making a faustian bargain in order to secure the Republican nomination for the 2008 presidential election.
A recently formed company. In modern terminology, it has come to describe a company formed with a business model relying on the internet.
Johnny Asshat: "I live in San Francisco, I think I'm going to wake up tomorrow and create a startup selling downloadable toast over the internet. It'll be free, but you'll have to pay for the jam which is where I'll make my money. Aren't I quirky and special?"
Me: "No, you're a self-absorbed idiot. Get a real job."