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1.
adjective

describing someone acting like a faggot or really flaming.

GIRL 1: OMG HI LADIES HOW'S IT GOING TODAY?
GIRL 2: Wow, that was really fagilicious
by GabbersxxxD August 05, 2007
 
2.
Adjective describing something "fabulous" or "glamourous" and usually refers to, our is used by, homosexual men.

Think "Fergalicious" except for Richard Simons, and you've got "Fagilicious!"
Jon, that bag is fagilicious, boy!
by Something Scary April 13, 2009