This phrase is often used while playing video games against one other opponent. Typically the game that is at hand is a sports game, either on PS2, Xbox 360, or PS3. Most often its a basketball game. The phrase will be used when one player has been beaten mercifully 4-5 times in a row. The phrase will be used at the beginning, middle or at any time during the game, when one opponent feels his efforts are hopeless.
~ - Tip off - ~ "I have lost 4 straight games, ITS OVER."
"Wow you just stole the ball from 5 times in a row, ITS OVER."
"This game hates me, and obviously does not want me to win! IT'S OVER."
Fyat is another way of spelling PHAT, Pretty Hot and Tempting.
Pronouced - Fee - Yat.
Although when this word was orignated, in the mid to late 90's it never caught on. Mostly due to the fact that F.Y.A.T. was not an acronmyn for anything.
In fact in may have only been used once in its entirity