Top Definition
A legendary bet (modeled after the famous American Pie bet) where the winner (the first to lose their virginity) will receive infinite glory, dignity and, well... prize money.

The prize money can range anywhere from $20 to $10,000
Guy 1 - Dude, we should make a bet

Guy 2 - YES, just like in American Pie! FT1!!!

Guy 3 - We'll all bet $20

Guy 4 - I'll bet $10,000

All - IT'S ON!
by MalaysianBeigeian June 07, 2009
7 Words related to FT1

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