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1.
ashes from the end of a lit cigarette
AHHH SHIT I got fagash in me eye!
by PHeeSH January 26, 2004
 
2.
Used to describe someone with dislike or distaste.

Defined as someone with low worth and/or dangerous.

Also used less so to describe gay people - although does not originate from the word faggot.
"She's so white trash and cancerous - such a fag ash!"

by Jess (pinky) February 02, 2006