1)Someone really nice who you want to like, but can't because everything about them is boring.
2)An activity or event that sounds fun, but turns out to be boring once you arrive.
3)Just like there's regular beer and lite beer, there's fun and there's fun lite.
1)Dude:"Hey, want to go hang out with Teri and Cheri?"
Chick:"No way, they are so fun lite."
2)Dude:"Want to go play mini-golf?"
Chick:"Nah, that's fun lite."