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1.
Fo time is similar to "go time" but specifically pertaining to a SHTF type scenerio, including, but not limited to a Zombie outbreak, Major terrorist attacks, urbanized rioting, martial law, basically any calamity that requires men of action to defend their homes/ families/ country ETC.
Made popular on firearms forums such AR15.com
Hey, the lakers won a game, and they are rioting in down town LA , if this keeps going...it could be Fo Time.

Ohh boy, some terrorists just blew up ****, get your gear ready..its Fo Time

Ar15 is going crazy, is it Fo Time ?
by M4arc July 23, 2011
 
2.
usually at a party when people go outside for a cigarette break, or any time when someone smokes a cigarette
Its Fo-Time
by Catfuckers suck November 30, 2009