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1. Used as an alternative to "brother" or "man" when referring to a friend.

2. Not to be used in a negative way. More like, "Hey what's up man", or "how's it going bro"

Can also add the word Mo' before it, short for "Mother" or "My".
What's up faughney?
Hey mo' faughney!
by SJohnnie October 14, 2009