A pad that is placed over a bleeding and tender butthole after engaging in rough anal sex with another male (or female).
Also meant to be used as an insult.
James: "God, my butthole hurts so bad from last night."
Spencer: "Did you get some fagpads from the store?"
James: "Yeah, I'm wearing one right now. Thank God, your penis has the thickness of my girlfriend's strap-on."
James: "Why does it have to be SO cold all of the time?"
Spencer: "Quit whining you little bitch. You're such a fucking fagpad.