An annual sailboat race from Cape Cod to the island of Nantucket, taking place at the begginging of summer. It has become a weekend long event for the island, and is really nothing more than an excuse to get wasted and walk around town. It doesnt matter who wins the race, as long as all contstants and townsfolk have consumed copious amounts of alcohol. The word figawi supposedly comes from drunken sailors with the New England accent landing on Nantucket and asking the question, "Where the fuck are we?"
On Nantucket during this particular weekend, you may hear many drunks ask, "Where the Figawi?"