2. Used when you cannot remember one's name...
3. Used to describe someone whos is getting uppity or believes that he/she is too good for everyone else.
'Fancy McShasta, can I borrow the keys to your car'
2. instead of 'oh, thats ummm, that guy who's name I never remeber... '
'Oh that's, Fancy McShasta'.
3. 'Boy, Ken's a real Fancy McShasta since he graduated from college.'