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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
 
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