1. A crude misspelling that can be used as a derogatory term for some gay who is illiterate or the Shit-talker is actually illiterate and is one fuck of an EPIC FAIL.
2. another possible definition is the reference to a crappily made bundle of sticks.
3. the other definition is a shitty made british ciggarette.
If successful (and dealing with a decent amount of intelligence) you can actually meld all into one colorful piece of literature. See the lower example.
Guy 1: "U R A FAGGET!"
Guy 2: " You, sir, are the only Illiterate Fagget in this converstaion. I oughtta beat you with a bundle of faggets, while I angrily suck down a Fagget to calm my nerves after dealing with such a fuckin Jackass.