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1.
A verb that is a less serious version of 'fooling around'/to fool around as implied by the z.

It can be used as a question or a statment. In the statement case, it can be a proclamation on a event or a grouping of people that have/are likely to engage in foolz. In the question sense, it can be a request to fool around or a query as to whether or not a grouping of people have foolzed.

It can also be modified to use in either the past by adding ed and keeping the z (foolzed) or the present tense by adding ing and keeping the z.

Lastly, it can be used to classify a group of people that an individual has foolzed around with.
Staff Member 1:

"Did you see Miller and Jamie come up from the swim beach together?"
Staff Member 2: "Foolz!"

Partygoer 1: "I really like your hair, is that your natural colour?"
Partygoer 2: "Foolz?"
Partygoer 1: "Sweet, let's go upstairs"

Staff Member 1: "I can't believe Bailey got such a good evaluation from Lorry"
Staff Member 2: "Foolz?"

CIT 1: "Did you hear that Lauren and Zach foolzed at the rifle range?"
CIT 2: "I even know they were still foolzing!"

Camper 1: "Can you believe all the guys Gillian has hooked up with?"
Camper 2: "The funny thing is that all her foolz are Trainees or older"
by AEPI Jedi April 29, 2010
 
2.
A group, large or small, or people who could be considered foolish. Or, in a general conversation, "foolz" could refer to anyone in the general area (friends, family, stalkers, an entire auditorium of students).
1. Yo! Foolz, why you be hatin'?
2. Peace out foolz...I'm leavins this place.
3. Because I said so, foolz.
by The one who loves agriculture January 17, 2009