To get scared and back out of a certain (often confrontational) situation.
Derived from the term 'chicken out' (Fowl meaning bird).
"He got scared. He fowled out!"
To be backed down, or to be essintially punked.
Derived from, doing business with Kim Fowley. Hollywood Pop Culture character perhaps best known for creating and supposesly controling all actions of the teen rock hit band The Runaways.
Fowley produced one more album titled "Waitin' for the Night." This was their first studio album that did not hit the charts. Kim Fowely got tired of playing G-d with his jailbait band and so left them, high and dry. "We fowled out for sure!" stated Lita Ford of doing business with Kim Fowley.
Source: A Runaways Story