It is a slang, shortened version of fabulous. Also can be spelled fabu.

Short for 'fabulous', but a much more refined form of the word. Can be used to describe anything from a new sweater or your plans for the night (instead of saying 'alright, cool.' you can say 'faboo!'.

A totally hip word used to refer to Facebook.

Stupid "word" that shouldn't even be in the urban dictionary. Used most often by people that "think" they are with it. Supposed to mean, "great!", or short word for "fabulous"."Wow, you look absolutely faboo" but really if you even use the term "faboo" it just means you're totally uncool and weird.

faggy term for "in style"

faboo: absolutely forbidden; off limits; out of the question.