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1.
Codeword for marijuana. It is generally used with the article attached.
Stoner 1: Do you want to have the fun?
Stoner 2: Totally!
- A short while later -
Stoner 2: Man, this fun really fucked me up.
Stoner 1: When you have the fun with me, you know it's gonna be the good shit.
by Funmeister May 20, 2007
 
2.
Possibly semen.
Here is fun in yer eye!

or

Grab the fun.
by Brian Spew March 22, 2003