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1.
A derogative term used for a homosexual in possession of toasted bread goods and or toasted bread good paraphinalia.
Jason Wheeler is a Fag Toast
by Not a FagToast June 25, 2003
 
2.
The part of the toast containing the essential nutrients(see: crust)
When I eat toast, I give the fagtoasts to my sister.
by Evan August 02, 2003