(n.) A derogatory combination of words, used to express disappoint and anger towards an individual, used most often in internet-based multiplayer games.
(Adj.) (facunting) Descriptive term used to describe some one who is behaving in a pessimistic, idiotic or unfriendly manner. Often, it refers to an incompetent member of a party or group, who ruins the experience of the group.
Originally, it was a contraction between faggot
. However, a misconception that is readily repeated is that it is a combination of "fucking cunt". This is made in error, though an accepted alternative use for the word.