Fictional online website a supposedly internet-ignorant person imagines everybody in cyberspace to be on all the time. Always used with "the". Possibly invented by Craig Ferguson. (Obviously, a combination of Facebook and YouTube.)
Craig Ferguson: Kids today don't know how to make a life-like corpse out of old sweaters. Nowadays they just download their corpse out of the Google or the FaceTube or something...
A word that a person will use who is not really familiar with facebook or youtube and thus combines the two, often with hilarious results.
Usually this person has been to public school and is slightly out of touch with reality and on account of all their preferred old fashioned hobbies such as cricket and fox-hunting, they simply do not have time for 'teletexting on the internets'.
Person 1: (to a friend) Oh, that knob head Joe Bloggs from school tried to add me as a friend on facebook the other day...
Person 2: (not the friend person 1 was talking to) (on overhearing elements of the above statement, but not really concentrating on account of his head being in the clouds counting up is potential inheritance)... "oh yar, what is this facetube thing everybody's talking about these days anyway?"