Short for Fag Circle Of Trust, where a bunch of naked dudes stand around in a circle and sit down on each others erect cocks and joining all that are involved in a massive gay orgy that relies on everyone to work.
Dude 1: Hey do you want a do a F-COT, we do it all the time at camp?
Dude 2: Sure.
Dude 1: Ok than take off your pants and get an erection.
Dude 2: WHAT!?!