Just a random insult. Combining "Fart" and "Ass." Or accusing one of passing too much anal gas. Not an insult to be taken to heart, however. Fun times.
A: What are you going to do on your holiday break?
B: I dunno, probably just fartass around all day.
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"Teens today have no drive. They just fartass around"
A portable container into which the participant maydischarge an anal vapor in order to share the contents with interested parties at various locations.
Fartbasket
An innovative system utilized to share anally dispersed vaporous aromas with a vast array of geographically distant folkles.