1. A girl who looks so good you want to fuck her.
2. Approval of Fuckin' Dat Ass.
"Man that chick looks so slick shes FDA Approved!"
Commonly mistaken for a compliment (high quality, fuck dat ass, choice meat), FDA Approved ACTUALLY is in reference to a particular type of woman, and the state of mind a man is in to be interested in that woman.
Literally it means "First Date Anal". In layman's terms, the chubby, whorish drunk chick at the bar/party who you know if you just gave her the time of day you could totally stick it in her ass within the hour.
-Check out that slut, she's hitting on every dude here
-That bitch is definitely FDA APPROVED
-Man I'm wasted, I'm gonna proposition her to let me ass ram her in the bathroom