Alternate spelling for the word Faggot. Actual definition of the word is "a bundle of sticks". As "faggot" has has now been co-opted as an offensive slur for a homosexual male, users on IRC decided on an alternate spelling for use with the original definition to separate it from the offensive slur.
"I got a phagot tied up in the barn we can use in the fireplace tonight"
"Go get a phagot together, we need something to keep to bonfire going tonight"