Used in online forums to denote the thread creator is homosexual. 'Faggot' is spelt 'Phaggot' due to the fact many forums block the former.
More often than not, the insult is used as a sign of dissatisfaction with the thread, instead of implying the creater is gay. When the rare occurence happens that this really is the case, the phrase could not be more suitable.
Usually after many replies of 'op is a phaggot' by unsympathetic forum users, the thread will die and the member will be left feeling scarred and broken. It is a common trend for people who rarely post to create threads which bear 'phaggot' comments, so the poster often sinks back into the bushes to lurk until he plucks up enough courage to try his luck again.
Thread:Have any of you seen the film *insert crap title no-one watched*