Code name for the website known as facebook. This term is usually used by people who oppose facebook (otherwise known as facehaters). The term is a derivation of the word fag in order to cause offence to those of whom use facebook (known as fagbookers).
Needless to say, there is a raging battle between the Fagbookers.
Fagbooker: Hey! I made a facebook! I was on it alllll night yesturday.
Facehater: Why dont you go fuck yourself and set it as your facegay status, you prick.