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1. FAIM
Facebook AIM. A service referred to as Facebook chat that enables one to communicate with fellow Facebook buddies.
Judy: Hey I was talking to Brad last night on FAIM, and he told me I was hot.
Lola: He's probably lying. Guys always lie on FAIM.
2. FAIM
An abbreviation for the Facebook Chat application. as in Facebook-AIM so in turn; FAIM
"Hey, I'll catch you later tonight on FAIM!"