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1.
The way "Facebook" is said by Asians. When an Asian is talking about Facebook, it is not uncommon to hear them say it as "Fay Boo" because of their heavy pronouncement-deprived accents/voices.
Awwww...! Me so sorry, me speaka no Engrish!!! Awwww! Me find offenrive fan pay on Fay Boo!!! Why Ayshin got attacked about acksen!!
by Snackpackforlittlejack February 13, 2010
 
2.
slang for facebook.
"Loggin' onto the fayboo real quick."
"Fayboo rules"
by budonkadonk February 02, 2012