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1.
1.Anything you want it to be. Could be replaced digging it or hating it and not thinking it's brill at all. Usually used with fuggin.

2.It could also be an excited or extreme action.
1)
A. Im fuggin faloogin brilliant!
B. That parking space is for the handicapped? How fuggin faloogin

2) Dandy Alex stubbed his toe and he was faloogin all over the place
by KAE THE GREAT August 13, 2006