Short for "favorite". Used to be a popular expression on the West Coast primarily. Now, primarily used sarcastically at certain universities on the east coast.
In a game of Mario Kart 64 (when the person in the 2nd place gets a good suprise):
"What?!?! Second Place Lightning? My Fave!"
Your favorite person in the entire world. No matter how many other friends you have and other people you love this person is your favorite, by far. They make you feel better when you're sad, they make you laugh, they listen to all your shenanigans. They make you super duper happy.
I love you, but Thabie's my fave. sorry.
Means "face" but was misspelt by some noobelf called SaGe and now is teh pro word of doom.
YOU JUST GOT HEADSHOTTED IN TEH FAVE!
In teh fave?
In teh fave!