2)A bundle of sticks.
3)An unpleasurable person.
NOTE: This is in no way a derogatory word for homosexual people.
It is an alteration of the term "faggot", which is another slang term for a male homosexual person; in which "fag" is replaced by "fay". "Fay" is a synonym of "fairy", which is another slang term for a male homosexual person.