MMO slang. Typically what the Bow Fag does once they draw the aggro of the mobs. They run around backwards while shooting the mobs which are chasing them. Or course this in turn requires all the melee class to follow in pursuit. So it basically looks similar to a Benny Hill re-run.
The bow fag ranger just grabbed the aggro of all the mobs, so now he's a back-peddling pussy.