1) A popular humour site, comprised of various statuses, comments, pictures and similar stuff from facebook or similar sources. Similar to lamebook, but less well organised (lamebook sorts its content into categories).
2) A common catchphrase to describe a fail or balls-up on facebook.
3) A humorous appearing name for facebook, usually used during exam season. Gets its name from the time black hole facebook becomes during the exam season, with its ability to consume any and all time that should be being used for revision. While most people see the name as a joke, many students know to their cost the truth of the name.
1) Bob; 'No grandma, :D is a happy face, not a D in the exam =|'
George; 'Thats going straight to failbook!'
2) Tod; 'ii jurst soo aced tha inglish exem!'
3); 'Failbook, making students fail exams since 2004...'