A knock off or fake of a really expensive, often fashion related, item sold for "one hell of a deal". Derived from the watch, Rolex, being a famous 'knocked off' item. Usually purchased from a street vendor, out of the back of a van or in another questionable transaction. And usually of poor quality.
"Check out the watch I got from this guy on eBay! A Rolex... for $50!"
"Dude... that's a Faux-lex. The '5' is upsidedown."
Given as a sign of full approval. Derived from the voting system on Threadless, it's become a show of love for a remark, design, person, etc. Primary use is in the Community Forum, but could extend to the "real" world.
Blog entry: Here's a picture of me with my new mohawk! I may end up losing my job.. but doesn't it look awesome!?!