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1.
The person reading this phrase thinks you're congratulating them by saying GG, or good game, but then you insult them by calling them a FGT, or faggot, and then they will realize that they have been owned and will slit their wrists while listening to Dashboard Confessionals.
"Sorry I kicked your ass so hard. GG FGT"
by Giblaz December 12, 2003
 
2.
Cyber-web abbreviation for "Good going, faggot." (Alternatively, "Good game, faggot.") Used by nerds to express dismay.
{Ben Affleck Clan}Matt Damon: Oh man, it was at bomb site B, not A!
{Ben Affleck Clan}J-Lo: ggfgt!!! 7h3y pWn3d j00!!!!
by mattdamon December 06, 2005