A combination of the words "fuck" and "awesome." This is a shorter but just as effective way of saying "fucking awesome." This word can be used to express an extreme love or joy of something. It's shorter to type, allowing speedier passage of communication online.
Of course when it is used in a sarcastic way, it can express a negative effect.
"Wow that movie was fuckawesome!"
"This is some fuckawesome coffee."
Human 1: "We're going to go see Harry Potter!!"
Human 2: "Fuckawesome.."