1: A bucket used for the disposal of Cigarettes (A fag is the UK word for a smoke).
2: Another word for a homosexual mans ass.
"Hey, Im going to dispose of my Fag in this Fagbucket"
"I totally put my cock in his fagbucket"
one who is very faggish in nature, typycally homosexual, and often bisexy
mr.chan is such a fagbucket, his dick tastes like shit