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1.
Abbreviation of the word faggit or faggot, meaning homosexual or gay. For example:

07:38 <@_XIII> hai Quicktime`
07:38 <%Quicktime`> ;p
07:38 <%Quicktime`> fago

This term/insult is often used in the unknowncheats / uc-forum IRC channel and is usually used by Quicktime.
For example:

07:38 <@_XIII> hai Quicktime`
07:38 <%Quicktime`> ;p
07:38 <%Quicktime`> faggo
by magicf July 02, 2009
 
2.
A new saying for faggot just it means your the fag of the faggest
man your such a fucking faggo!!!
by pointer2 April 03, 2009
 
3.
The new way of saying faggot. Why is it called faggo now? Well:
F=Everyone loves to have fun!
a=Everyone wants to get an A in school
G
G=Well... everyone loves twins!
O=the shape of a donut. And everyone loves donuts
T=But that T... that rotten T. Maybe people don't like it because it represents christ! So take it out!

Now we have faggo. So remember use the word faggo... its cooler and feels like it hurts more
"Man you are a FAGGO
by Strife Tribal August 06, 2005
 
4.
a really big poopy face
God, hes such a faggo
by tttaaghh34 April 18, 2007