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1.
Literally defined as a sachet of water. Also used pejoratively to refer to an annoying person behaving as if like a bag of water. This term is known to have originated from Colombia, where sachets of water are often sold.
"Yo bro grab me a fagwater!" or "stop being such a fagwater"
by ColeHombre March 22, 2011
 
2.
A plastic bag of water, often found in 3rd world countries.
Literal: Yo John pass me a fagwater would you?
Derogatory: Yo Josh, stop being a fagwater!
by Fagwarr April 06, 2011