fagemo-pronounced fag-m-o not fagEmo like the music.Think of all the ways one could use the term fag. Fagemo is interchangeable with those usages. I personally use it when I want the term to come across in a more playful manner with friends than just saying "fag". You have to get creative with these things or you become redundant.
Person 1: Hey I can't come to your party later, I'm really sorry.